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. Last Updated: 07/27/2016

Hermitage Wins Sberbank Libel Suit

The Moscow Arbitration Court ruled Tuesday afternoon that Vadim Kleiner, director of research with Hermitage Capital Management, and Vremya Novostei were not guilty of defaming Sberbank in an article published Jan. 21, 2003, Hermitage said in a statement Tuesday.

In the article in question, Kleiner, who is an independent director of Sberbank, stated that the bank could increase its profits by cutting its staff, charging market interest rates on loans to some major clients and not making unprofitable loans to its affiliates.

The management of Sberbank sued Kleiner and Vremya Novostei for defamation.

"Given the fact that Kleiner's statements were derived entirely from publicly available sources and Sberbank's own financial statements, the defendants took the decision to appeal the ruling," Hermitage Capital Management said in the statement.