Solid Management has decided to sue FC Otkritie. The Moscow Arbitration Court has received a request demanding the recovery of 1.76 billion rubles from the bank. Earlier it became known about the claims of minority shareholders of Yandex NV against Solid Management due to an allegedly discriminatory conversion of shares and obtaining insider information.
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JSC Solid Management filed a claim against PJSC Bank Otkritie Financial Corporation for 1.76 billion rubles. The company’s application was received by the Moscow Arbitration Court on June 27, as follows from the materials of the arbitration case file.
The lawsuit has not yet been accepted by the court. The essence of the claims is unknown. The plaintiff, the defendant and the court did not respond to RB.RU’s request at the time of publication.
Solid Management’s website claims that it is a financial boutique with experience in managing institutional investors’ portfolios. The company is known as the manager of the Closed Consortium of Mutual Funds. First, the majority shareholder of MKPAO “Yandex”.
On June 21, it became known that about 100 minority shareholders of Yandex NV asked the Bank of Russia to check the conditions of the exchange and repurchase of shares of the Dutch company, calling the terms of the transaction discriminatory. The shareholders believed that the new majority shareholder of Yandex, the closed consortium of mutual funds “First” could use privileged information when setting deadlines for the exchange/repurchase of securities. The law firm Law & Capital asked the Central Bank to check the work of the joint-stock company Solid Management as the manager of the closed consortium of mutual funds “First”.
The complaint states that Solid Management’s actions in issuing an offer to minority shareholders were carried out in a circumvention of the law and make it impossible for investors who purchased Yandex NV shares outside the Russian circuit before and after November 30, 2023 to exchange their shares for securities of Russian ICPJSC Yandex or sell them at market price.
The Central Bank noted that it monitors the compliance of the supervised companies with the law and currently does not see any signs of violations in the activities of JSC “Solid Management” in terms of management of the closed consortium of mutual funds. First”.
Author:
Ekaterina Strukova
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.
