ATHENS (Reuters) – Wall Street bank JP Morgan has filed two lawsuits over its investment in fintech Viva Wallet, the latest twist in a legal dispute between the two sides over how to value its Greek operations.
A source with knowledge of the matter told Reuters that JP Morgan filed a lawsuit in Greece on Jan. 2 seeking 916 million euros ($944 million) over allegations that Viva’s CEO, Haris Karonis, and three other executives “devalued JPMorgan’s company”. Investment in Viva in 2022 due to unlawful actions from March 2022″.
In an emailed statement, Karonis confirmed the two lawsuits and denounced them as an act of intimidation. He did not provide details about either lawsuit.
“These proceedings are simply the latest step in JPM’s concerted effort to depreciate Viva’s value, prevent the company from expanding in the United States and elsewhere, and intimidate its directors,” the statement said.
The US bank bought a 48.5% stake in Viva Wallet, which is used by companies in Southern Europe, for around $800 million in 2022. Werealize (WRL) owns 51.49%.
Under the terms of the deal, WRL will lose the right to reject any offer from JP Morgan to take control of Viva if the company is valued at less than 5 billion euros ($5.4 billion) by July 30, 2025. .
Both sides claimed success in June when a London judge ruled on how to value the company after suing each other over the valuation of the joint business.
JP Morgan also filed a case in Britain this week against Werealize.com, alleging that it breached shareholder agreements by failing to comply with Viva’s obligation to obtain JPMorgan’s consent before taking certain specific material corporate actions , the source said.
WRL did not immediately respond to a request for comment.
(Reporting by Lefteris Papadimas; Editing by Mark Potter)
