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 „deprived JPMorgan of the value of its 2022 investment in Viva through unlawful actions from March 2022 onwards”.
„These proceedings are simply the latest step in JPM’s concerted effort to depreciate Viva’s value, to preclude it from expanding in the United States and elsewhere, and intimidate its directors,” the statement said.
The U.S. bank bought a 48.5% stake in Viva Wallet, which is used by businesses in southern Europe, for about $800 million in 2022. Werealize (WRL) owns 51.49%.
Under the terms of the deal, WRL loses its right to reject any JP Morgan offer to take control of Viva if the business is valued at below 5 billion euros ($5.4 billion) by July 30, 2025.
JP Morgan also filed a case in UK this week against Werealize.com, which claims it breached shareholder agreements by causing Viva not to respect the obligation to obtain JPMorgan’s consent before taking certain specified significant business actions, the source said.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
