The ongoing legal battle involving STRABAG, an Austrian construction giant, has taken a significant turn as a Russian court has postponed proceedings to January 20.
This lawsuit stems from a dispute with Rasperia Trading Ltd., a shareholder previously controlled by Russian oligarch Oleg Deripaska, who has been under EU sanctions since June 2024. The case revolves around the failed sale of STRABAG shares to Raiffeisenbank Russia, a subsidiary of Raiffeisen Bank International (RBI), which was scrapped due to concerns over sanctions risks.
Rasperia, which has seen its voting rights in STRABAG frozen since April 2022, is now seeking to enforce a court ruling that would compel Raiffeisenbank Russia to take over its shares. The Russian company is also pursuing substantial damages, alleging that the RBI subsidiary is part of a larger corporate structure that is being "maliciously hidden" from Russian debtors. This claim suggests that Raiffeisenbank Russia is not acting independently but is part of a broader "Raiffeisen group" that includes Raiffeisen-Holding Niederösterreich-Wien, which holds a stake in STRABAG.
The legal maneuvers have not gone unnoticed in the financial markets. Following the announcement of the court's postponement, STRABAG's share price experienced a temporary increase of 0.75%, reaching EUR 40.25 on the Vienna Stock Exchange. This uptick reflects investor sentiment amid the uncertainty surrounding the lawsuit and its potential implications for STRABAG's operations and shareholder value.
In addition to the Kaliningrad lawsuit, STRABAG and Rasperia are also embroiled in a separate legal matter in Moscow concerning the ownership structure of Rasperia itself. Recent court proceedings have led to the return of Rasperia's shares to Valtoura Holdings Limited, a company based in Kaliningrad, which raises questions about the current ownership and control of Rasperia. The situation remains fluid, as the identity of the stakeholders behind Valtoura has yet to be clarified, with Deripaska's involvement still a point of contention.
Raiffeisenbank Russia has expressed interest in participating in the Moscow lawsuit, having filed an application to join the proceedings. This development could have significant ramifications for the ongoing Kaliningrad case, as the outcomes of both lawsuits may influence each other. The Moscow case is scheduled for a hearing on January 13, just days before the Kaliningrad proceedings resume, adding another layer of complexity to an already intricate legal landscape.
The legal disputes involving STRABAG and Rasperia are set against a backdrop of heightened scrutiny and regulatory challenges stemming from international sanctions. The EU's sanctions against Deripaska and his associated entities have created a complicated environment for businesses operating in Russia and those with ties to sanctioned individuals. This situation underscores the risks that companies face when navigating the intersection of international law and corporate governance.
As the legal battles unfold, the implications for STRABAG and its shareholders could be profound. The potential for significant financial liabilities, coupled with the uncertainty surrounding ownership and control of Rasperia, raises questions about the future of the company and its strategic direction. Investors will be closely monitoring the developments in both the Kaliningrad and Moscow lawsuits, as the outcomes could reshape the landscape for STRABAG and its stakeholders.
In the meantime, the market's reaction to the ongoing legal proceedings highlights the sensitivity of investors to geopolitical risks and regulatory changes. The temporary rise in STRABAG's share price may reflect a cautious optimism among investors, but the underlying uncertainties remain a cause for concern. As the legal proceedings continue, the financial community will be watching closely for any signs of resolution or further escalation in the conflict between STRABAG and Rasperia.