Austria's RBI 'derecognizes' $1.41 billion claim from Rasperia for Q2
In June, a Russian court had rejected RBI's bid to lift an injunction banning the sale of its local subsidiary. The ban is tied to a lawsuit brought by Russian investment firm Rasperia after a collapsed deal in which RBI was ordered last year to pay 2 billion euros in damages.
RBI's board "concluded that the strict criteria under International Financial Reporting Standards for recognition of the expected proceeds from enforcement of legal recourse against Rasperia are no longer met," the Vienna-based bank said.
Raiffeisen plans to recoup much of the damages imposed in Russia through legal action in Austria aimed at recovering Rasperia assets there.
The bank said that derecognizing from legal claims will not affect its half-year results for 2025.
RBI is due to publish its semi-annual results towards the end of July.
The bank's dispute with Rasperia followed the failure of a deal that RBI hoped would have allowed it to unlock some of its frozen assets in Russia. RBI had sought to buy a stake in Vienna-based construction company Strabag (STRV.VI), opens new tab, but pulled out under pressure from Washington.
"Despite the changed accounting treatment, the legal assessment remains unchanged, and RBI's Management Board maintains a high degree of confidence in its legal claim against Rasperia and the enforceability thereof against Rasperia's assets in Austria," RBI said.
($1 = 0.8494 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
13 minutes ago
- Reuters
About 100 players, two dozen club employees face fines for selling Super Bowl tickets
NEW YORK, July 25 (Reuters) - About 100 NFL players and two dozen employees from several teams face fines for selling this year's Super Bowl tickets for more than face value, a source told Reuters on Friday, activity that violated a long-standing league policy. Players will be fined 1.5 times the face value of the ticket they sold while club employees will be fined twice the amount. ESPN first broke the news on the fines. League and team employees, including players, are prohibited from selling NFL game tickets acquired from their employer for more than face value or more than they paid. NFL players have an opportunity to buy two Super Bowl tickets at face value. None of the individuals involved or their teams were identified. In the 2025 contest, when the Philadelphia Eagles defeated the Kansas City Chiefs, the most expensive tickets at the New Orleans' Superdome had a face value of about $7,500 and were priced as high as $56,770 on the resale market . In a memo seen by Reuters, the league's head of compliance told clubs the department was in the process of concluding its investigation into the matter. "The investigation has revealed that club employees and players sold their tickets to a small number of 'bundlers' who were working with a ticket reseller to sell the Super Bowl tickets above face value," the document read. "Those that worked to 'bundle' the tickets, or otherwise had a greater role, will face increased penalties." The NFL will enhance its mandatory compliance training ahead of the Super Bowl in 2026, which will be held at Levi's Stadium in Santa Clara, California, according to the memo. Super Bowl tickets are among the most coveted in all of North American professional sport, with fans routinely shelling out thousands of dollars to attend the NFL's championship game that is watched religiously by millions across the U.S.
STV News
42 minutes ago
- STV News
Community charity wins £60,000 grant to renovate former library
A West Lothian charity has been awarded more than £60,000 to build a new home in its former library base. Craigshill-based Spark took control of the former Almondbank Library for just £1 in a Community Asset Transfer from West Lothian Council earlier this year. Now grant funding secured from the Scottish Land Fund will enable the charity to refurbish the building to create a permanent home for a community group which has spread from its neighbourhood roots to help thousands across the county. Chair of Spark, the former long serving Craigshill councillor Frank Anderson, told the Local Democracy Reporting Service: 'It is great to finally see the aspirations of our organisation reach a conclusion with the award of this grant funding. It has been a daunting task but one which will see our organisation go from strength to strength. 'Our community will continue to benefit from the many and varied activities we provide and will continue to provide. There will be no change to our activities and the fabulous atmosphere generated at Spark.' Frank continued: 'Whilst this award secures our ambition to take community ownership of the building, securing our future, we are already seeking funding to bring the building to a higher standard and become more energy efficient. We know that the improvements will enhance the Mall area and secure the building for future generations to enjoy.' Alex Fleming, Chief Officer at Spark, said: 'Spark are deeply thankful to the Scottish Land Fund for supporting us in taking this vital step toward community ownership of our building in the heart of our community. This funding means we can secure a long-term home where we can continue to grow, create opportunities, and make a real difference for those who live, work and visit our community.' The SLF grant will help the charity with the initial costs of taking on ownership of the former council property including legal fees for ownership, the decoupling of utilities we have to pay as part of the acceptance. Frank told the LDRS: 'We have applied for other grants to enable us to have a more efficient heating system.' The council's Community Asset Transfer Committee agreed to the transfer of the library building in March after hearing that a measure of just part of the work the charity does suggested its social value was in excess of £500,000. Spark's membership and volunteer numbers have grown significantly over the last 18 months, as has the number and type of activities and events it delivers. Events such as our inaugural Spark in the Park, last year which saw approx. 3,000 people attend a free family event in Craigshill. The charity has been awarded a total of £63, 961 to fund the transformation of the building that has long been its home. Spark was founded as the Craigshill Good Neighbour Network almost 40 years ago. Cara Gillespie, the chair of the Scottish Land Fund Committee said: 'The focus of this round of SLF funding has been on providing groups with the funds to secure spaces where they can come together as communities in both rural and urban locations, forging social ties and helping to meet local needs.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Reuters
43 minutes ago
- Reuters
Tesla plans to expand chartered transport service, California regulator says
SAN FRANCISCO, July 25 (Reuters) - Tesla (TSLA.O), opens new tab has told California it would expand operations of a chartered transportation service in the Bay Area, a state regulator said on Friday. The permit does not allow the company to run vehicles autonomously, the California Public Utilities Commission said. The update follows a report that Tesla was preparing to roll out robotaxis in the Bay Area with a safety driver as soon as this weekend. "Tesla is not allowed to test or transport the public (paid or unpaid) in an AV with or without a driver," the CPUC said in an email to Reuters.
