Maxim Ali has provided his comments to Delovoy Peterburg on the report from Alpha-Capital about risks in the banking sector

DP.ru has published an article on the topic of the controversial report about risks with large Russian banks sent by Alpha-Capital to its clients and the proceedings issued by the Bank of Russia in this matter.

Senior Associate at Maxima Legal, Maxim Ali considers that the mailing of the report could form a basis for claims from the banks who are subjects of the report if the material undermines their business reputation.  Further to claims for a retraction of the information, the banks could also apply for compensation and damages including for ‘reputational harm’.

According to Maxim, Alpha-Capital are not without a potential defence: “On one hand, Alpha-Capital could confirm the trustworthiness of the information contained in the report.  On the other, the company can potentially claim that the report is based on unconfirmed information and is the opinion and evaluation of a analyst.

“Although it is possible that such defences will not leave the banks without any recourse.  For example, the banks might contact the anti-monopoly service in order for Alpha-Capital to incur liability for unfair competition, which includes discrediting a competitor.  If the Federal Anti-monopoly Service agrees with such a claim, then a fine of up to half a million roubles can be imposed.”

For the full article (in Russian) click here.