The court accepted the claim of minority shareholders against the new owners of Yandex

According to the court records, the claim was filed on July 10. The applicants demanded that the closed-end mutual fund be obliged to exchange the ordinary shares of Yandex NV Class A that they held for Yandex securities in a 1-to-1 ratio, or to buy them back at the market price of 4,250 rubles per share.

Investors valued their total portfolio of Yandex NV securities at about 6.5 billion rubles.

Investors who filed a claim against the new owners of Yandex purchased securities through Russian brokers, but the shares were not transferred to domestic depositories before the deadline, as it was set retroactively.

• The exchange settlements were completed on July 9. Investors on the Moscow Exchange exchanged 42.4 million shares worth 180.3 billion rubles, on the St. Petersburg Exchange – 1.42 million securities, or about 99% of the total number of Yandex NV shares purchased through this platform.
• In late June, 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. They called the terms of the agreement discriminatory. The Central Bank found no signs of violations.