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JPMorgan International Finance Limited (JPMIFL), subsidiary of the US giant JP Morgan Chase & Co, filed two new lawsuits in Greece and the United Kingdom over its investment in Greek payments company Viva Wallet, in an ongoing dispute with its joint shareholder Werealize.com Ltd (WRL).
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In the Greek lawsuit filed on January 2, the US bank is claiming 916 million euros, claiming that Viva’s chief executive officer, Haris Karonis, and three other executives appointed by WRL deprived JPMorgan of the value of its investment in Viva through unlawful actions from March 2022 onwards.
According to JPMorgan, the unlawful conduct of the defendants includes failing to appoint its nominees to the Viva board and wrongly appointed replacement directors nominated by WRL, then mistreated its nominated directors who were appointed; transferring valuable assets out of Viva to WRL at closing without JPM’s consent; withholding information from JPMIFL and its nominated directors on the grounds of false competition allegations; and ignoring JPMIFL’s consent rights when carrying out significant business actions.
In the English claim filed against WRL, the US bank claims that it has breached the shareholders agreement by causing Viva not to respect the obligation to obtain JPMIFL’s consent before taking certain specified significant business actions.
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“We are disappointed that since the firm’s investment in 2022, WRL has repeatedly and persistently sought to undermine JPM’s rights by breaching the agreement that formed the basis of the firm’s investment,” a JPMorgan spokesperson said in a statement. “These actions harm not only Viva but also Greece’s attractiveness for future significant investments. We now look to the courts to enforce the contract terms agreed upon between us.”
On his side, Karonis confirmed to Bloomberg that the US bank had filed the two lawsuits against some members of Viva’s board, in response to various legal actions already taken against JP Morgan in 2024.
“These proceedings are simply the latest step in JPMorgan’s concerted effort to devalue Viva, block its expansion in the US and elsewhere, and intimidate its directors by limiting their freedom of action,” he added.