The court suspended the corporate rights of Alfa Bank’s foreign owners. Two Cypriot companies own AB Holding JSC and UNS-Holding LLC. The examination of the claim by the Russian Ministry of Finance took place behind closed doors.
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The Arbitration Court of the Moscow Region heard the demand of the Ministry of Finance of the Russian Federation to suspend the corporate rights of two Cyprus companies in relation to their Russian subsidiaries. This is stated in the judicial file.
Cyprus ABH Financial Ltd. and Alfastrakhovanie Holdings Ltd. are owned by AB Holding JSC and UNS-Holding LLC, which in turn own Alfa Bank and Alfa Insurance. Consideration of the court case took place behind closed doors.
Alfa Bank and Alfa Insurance are on the list of economically important organizations. The law, which came into effect in August 2023, gives the beneficial owners of such companies the right through the courts to obtain direct ownership of their shares.
Previously, the court suspended the corporate rights of the Dutch company X5 Group and the Cypriot holding company Azbuki Vkusa.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
