Фото: reform.by
Russia’s Alfa-Bank has gained direct ownership of a 15.56% stake in the authorized capital of Belarusian Alfa-Bank under a ruling by the Moscow Arbitration Court, Vedomosti reports.
The stake was transferred to the Russian bank from ABH Belarus, a Cyprus-based company that is part of Luxembourg-based ABH Holdings, owned by Alfa-Bank founders Mikhail Fridman, Petr Aven and Andrei Kosogov. The Luxembourg-based company controlled 64.46% of the Belarusian bank.
Under the court ruling, the stake in Belarusian Alfa-Bank was transferred to repay a debt of 40.2 million Swiss francs owed by the Cyprus-based company to the Russian bank. The court proceedings were held behind closed doors.
Experts interviewed by Vedomosti link the legal mechanism to sanctions restrictions: voluntary repayment of the debt by European entities is complicated, while the Russian ruling can be enforced in Belarus. One lawyer also considers the dispute a way to restructure ownership of the asset.