Viva Wallet sues JPMorgan for attempting to limit company growth
The chief executive of Viva Wallet has sued JPMorgan, which co-owns the fintech company, claiming it is attempting to limit its growth, according to legal documents cited by the Financial Times on Thursday.
Haris Karonis, who founded the Greek payments company in 2000, said he believes JPMorgan is trying to drive down the valuation of his business by blocking its entry into the US and most European markets, with the ultimate goal of buying out the stake it does not own at a lower price. JPMorgan controls 48.5% of Viva.
He also accuses the Wall Street-listed bank of hindering Viva’s growth by allowing JPMorgan’s own payments business to compete with the Greek firm’s technology in some European markets.
JPMorgan has also sued Karonis over moves the bank says are aimed at “limiting or circumventing our contractual and statutory rights as an investor,” according to sources familiar with the matter.
Both legal claims were filed at the High Court in London on Wednesday.
