Minority shareholders estimated the damage caused by the exchange of Yandex NV shares for Yandex securities at 1 trillion rubles.

The letter to parliamentarians was signed by 30 people, including Andrei Bednyakov, a representative of the minority shareholders’ initiative group. In a 17-page appeal, shareholders outlined their version of Yandex’s restructuring and the consequences for retail investors.

Minority shareholders claim that the damage suffered as a result of the purchase operation of Yandex NV assets amounted to 1 billion rubles, and the total damage to all security holders of the IT company amounted to 1 trillion rubles. Shareholders noted that their rights could be violated as a result of events permitted by law, but at the same time generating non-commercial risks and losses for investors.

According to Bednyakov, the appeal was sent to all State Duma deputies. The receipt of Forbes’ message was confirmed by the representative and deputy of parliamentarian Vladimir Resin, Alexei Kurinny. The first sent a request to the Central Bank asking it to understand the situation. The Central Bank did not respond to the publication.

Why did the problems arise?

In March 2024, the government commission for foreign investment control approved the sale of Yandex NV’s Russian assets to a consortium of private investors.

Voting among shareholders took place in March at two meetings. Yandex told Forbes that it had fully and timely disclosed all data about the deal: it was published on the company’s website and on the electronic disclosure portal. The organization added that all shareholders could participate in the vote.

In a speech to State Duma deputies, Bednyakov indicated that investors may not have been “properly informed” about the vote. In a conversation with Forbes, the minority shareholder stated that neither he nor the other signatories of the letter received any notification.