Strabag refuses to pay dividends to Deripaska in view of sanctions

Strabag refuses to pay dividends to Deripaska in view of sanctions
Oleg Deripaska

Rasperia Trading the Russian oligarch owns controls 25.9% of the construction giant.

The Austrian construction company Strabag, a quarter of which is in the ownership of Oleg Deripaska’s Rasperia Trading, refused to pay dividends to the Russian businessman in view of the US sanctions.

The decision was taken at the annual meeting of the shareholders on Friday. It was also decided that the 2017 dividends would be paid to the other shareholders at a rate of 1.3 euros per share. The company issued 110 million shares with Rasperia Trading controlling 25.9% of them.

The message released at the end of the meeting says that the company does not have to pay dividends to the persons on the US Treasury’s list of Specially Designated Nationals or to the companies at least 50% controlled by such persons.

Deripaska got in the US sanctions list on April 6. Should Strabag pay the dividends to Rasperia, it may face secondary US sanctions itself, according to the explanations given by the US Treasury on May 25. Rasperia will be able to get the payments only if Deripaska cuts his share in the company to less than 50%.

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