JPMorgan Emerging Europe, Middle East and Africa Securities (JEMA), formerly JP Morgan Russian Securities, has had a range of assets frozen due to a case being brought by Russian bank VTB over alleged debts.
According to a regulatory filing, JEMA is one of a range of JP Morgan entities that have been named as defendants in civil proceedings brought by VTB in Russian courts, which were commenced on 17 April. The claim relates to $439m held in a correspondent bank account with JP Morgan Chase Bank's New York branch, which has been blocked due to sanctions. The board of JEMA stated it was unaware of any connection between the trust and "amounts owing to VTB". Smaller board and new manager for reformed JPM Russia portfolio A Russian court granted VTB a freezing order in support of its c...
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