Court rules in favor of EUR 80 mln suit against OTP

Issues

Photo by Jessica Fejos

Courts have dismissed a suit brought against OTP Bank in Montenegro seeking damages of €80 mln, the lender said yesterday, Hungarian news agency MTI reported. 

(Photo: Jessica Fejos)

The decision of the courts is final and binding, OTP Bank said. OTP announced in September 2013 that the Montenegrin company Doo Vektra Jakic was suing it for damages amounting to €80 mln. OTP Bank and its Montenegrin unit Crnogorska komercijalna banka lent the woodworking company €53 mln for developments in 2007, MTI reported earlier. The company is now under liquidation.

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