Anastasia Samusenko commented to Vedomosti on whether there could be a link between the increase in the creditworthiness of Russ Group and the termination of VTB’s pledge of the company’s shares

According to the Unified State Register of Legal Entities, VTB Bank has lifted the encumbrance on the shares of the owners of Russ Group, the largest outdoor advertising operator. The press service of Russ Group called the encumbrance a security measure by the bank for the period of the company’s growth, acquisition of competitors and active digitalisation of inventory.

However, Anastasia Samusenko, Senior Associate at Maxima Legal, estimates that the increase in creditworthiness itself may have influenced the removal of the pledge rather indirectly. ‘Often the granting of collateral is conditioned by other circumstances – loan amounts, interest rates, terms, intended purpose, i.e. it is not a question of creditworthiness alone in the narrowest sense,’ Anastasia explained to Vedomosti newspaper.

It should be noted that the encumbrance was lifted after Russ Group merged with Wildberries marketplace. Vladislav Bakalchuk, co-owner of Wildberries, said that on the same day the marketplace repaid more than RUB 20 bn debts of Russ to VTB Bank and the tax authorities, but representatives of the merged company Wildberries and Russ denied this information.

To read the full article (in Russian), please see Vedomosti newspaper`s website>>>