Whistleblower's appeal in suit against VTB bank to be heard in court
MOSCOW, September 19 - RAPSI, Alyona Yegorova. The court will hear on Monday an appeal filed by renowned whistleblower against a subsidiary of VTB Bank, Russia's second largest bank. VTB's minority shareholder Alexei Navalny challenged the drilling rig purchase contract signed on July 26, 2007, which allegedly resulted in the $160 million loss to VTB.
Cypriote company Clusseter limited and Russian Well Drilling Corporation are co-defendants in the lawsuit.
Navalny said that Clusseter purchased 30 drilling rigs for $297 million and then sold it to VTB-Leasing for $456.9 million. The famous whistleblower sought to cancel the deal as it was unjustified and damaging for VTB.
The defendants entered into the contract in order to keep roughly $160 millions on Clusseter's bank account, Navalny said.
Well Drilling Corporation is a Russian company, founded just a couple of months before the disputed deal, according to Navalny.
VTB-Leasing is a full subsidiary of VTB Bank.