Strabag Shareholders Withdraw Lawsuit Against Rasperia

In a significant development, shareholders of the Austrian construction giant Strabag have decided to withdraw their lawsuit against the Russian firm Rasperia. This decision was announced by Strabag, indicating that the HPH Group, along with other key shareholders, has formally retracted their claim that was submitted to an arbitration court in Amsterdam. This move comes amid ongoing legal complexities, including a substantial damages claim amounting to approximately EUR1.1 billion from Rasperia.

The legal proceedings began in October 2024 when the core shareholders of Strabag SE filed a lawsuit against Rasperia concerning the exercise of preemptive rights from a previous syndicate agreement. In response, Rasperia sought an injunction against the Strabag shareholders and the Raiffeisen Bank International AG (RBI) to prevent any court proceedings from taking place outside the Russian Federation.

Rasperia's legal action included a claim for damages exceeding EUR1 billion. The lawsuit highlighted the precarious situation faced by Strabag's core shareholders in Russia, particularly as Rasperia aimed to enforce the payment for damages through the Russian subsidiary of RBI, given that the core shareholders possess no significant assets within Russia. This complex legal scenario has unfolded against the backdrop of ongoing geopolitical tensions, particularly Russia's actions in Ukraine, which have further complicated international business relations.

Despite the withdrawal of the lawsuit, Strabag has emphasized that the shares held by Rasperia in the company remain frozen. The construction firm reassured stakeholders that all options regarding the Russian shareholder will be thoroughly evaluated as the situation develops.

As this situation evolves, it highlights the intricate legal landscape that companies must navigate when operating across borders, especially in light of international sanctions and legal disputes arising from geopolitical conflicts.