MOSCOW (Reuters) - Singapore’s AnAn Group said on Monday it was seeking legal advice after receiving a claim from Russia’s VTB Bank to repay $170.4 million in relation to the purchase of shares in En+ Group last year.
VTB financed AnAn Group’s purchase of a 6.25 percent stake in En+ during En+’s London IPO in 2017. VTB has demanded that AnAn repay $170.4 million within 21 days, AnAn said in a statement.
En+ manages the aluminum and hydropower assets of businessman Oleg Deripaska.
Shares in En+ plummeted after Deripaska and his main businesses were included on a U.S. sanctions blacklist in April this year. In May, VTB told Reuters that after a margin call the bank became the owner of the stake in En+ previously held by AnAn.
AnAn invested $500 million in En+’s IPO as a cornerstone investor. It said in its statement that it believes the sharp fall in En+’s shares after the U.S. sanctions were imposed was “an unforeseeable force majeure.”
AnAn also has other objections to VTB’s demand as the amount claimed was formulated by VTB independently of AnAn, it added. It is seeking legal advice and is in the process of engaging in discussions with VTB.
VTB did not immediately respond to a Reuters request for comment.
Reporting by Polina Devitt, Tatiana Voronova and Oksana Kobzeva; writing by Polina Devitt; editing by Susan Fenton