Russian court orders Glencore to pay shares worth 114.8m euros in Sberbank lawsuit
(Image courtesy of Glencore.)
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 billion roubles, or some 114.8 million euros, worth of shares in a lawsuit filed by Sberbank, according to the court.
The payments include 0.57% of shares of Russia’s largest oil producer Rosneft and 10.55% of EN+ Group MKPAO, owned by Glencore Group Funding Limited.
It is a second lawsuit Sberbank has filed in Russia against Glencore over unpaid fuel supplies. Last year, the court ordered a subsidiary of Glencore to pay about 118 million euros ($125 million) to Sberbank.
Glencore and Sberbank were immediately available for comment.
(Editing by David Evans)
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Comments
Carole Brekke
This lawsuit against Glencore highlights the ongoing financial disputes in the industry. It’s concerning to see such high stakes involved. Sberbank deserves to be compensated for their claims!