Pavlovskgranit responds to Sberbank raid

Russia-based aggregates producer Pavlovskgranit has released a statement claiming that Sberbank carried out illegal transfers and then organised a corporate raid in order to resell company shares. Pavlovskgranit said, “In August 2008 Pavlovskgranit-INVEST concluded a loan agreement with Sberbank of Russia to obtain a loan of RUB5.1billion for the purchase of a 48% stake in Pavlovskgranit. The financial crisis had a significant impact on the construction market, so the company experienced difficulties in rep
March 27, 2012 Read time: 2 mins

Russia-based aggregates producer 3672 Pavlovskgranit has released a statement claiming that 4439 Sberbank carried out illegal transfers and then organised a corporate raid in order to resell company shares.

Pavlovskgranit said, “In August 2008 Pavlovskgranit-INVEST concluded a loan agreement with Sberbank of Russia to obtain a loan of RUB5.1billion for the purchase of a 48% stake in Pavlovskgranit. The financial crisis had a significant impact on the construction market, so the company experienced difficulties in repaying the loan. The loan restructuring options, proposed by Pavlovskgranit-INVEST and Pavlovskgranit, were not considered by the bank.

“On 22 June 2011 Sberbank Capital (Sberbank’s subsidiary) illegally transferred a 36.37% stake in Pavlovskgranit, owned by Vitera (a legal shareholder), to its account as a result of a line of illegal acts of Sberbank Capital’s employees, a notary officer, a court bailiff and Registrar society STATUS (Sberbank’s subsidiary as well). 

“The company’s management supposes that Sberbank Capital organised a corporate raid on Pavlovskgranit in order to resell the company’s shares to interested parties. “

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