Deutsche Bank drops three $700-million suits against Valars Group affiliates
MOSCOW, April 21 (RAPSI) – Deutsche Bank has withdrawn three lawsuits against companies controlled by Valars Group that used to be one of Russia’s largest agricultural producers and grain traders, according to court records.
Deutsche Bank last summer filed about a dozen lawsuits at the commercial courts in the Rostov Region and the Stavropol Territory seeking several billion dollars in debt from the Valars Group affiliates, including OAO Zarya, OAO Primorsky and OOO Stepnoi.
On April 28, a court in Rostov will hear another suit filed by Deutsche Bank to collect about $500 million in debt from Valars Group affiliates.
Valars Group was created in 2006 and split into agricultural holding company Valinor and trader Valars in 2011. Its main beneficiary was Cyprus-registered Valars Management Limited. At the time of its reorganization in July 2011, 51 percent of Valars Management Limited belonged to businessman Kirill Podolsky and a group of top managers at Valars.