Date: 4 weeks ago   Category: Finance

The court deprived of Baring Vostok of the right to vote 10% of stocks "East" — Rambler News Service


The arbitration court of the Amur region took interim measures in the claim of the Finvizhn Holdings company belonging to the shareholder of Vostochny bank Artem Avetisyan to the company to the Evizon Holdings company (it is controlled by Baring Vostok and Russia Partners funds), follows from materials of court. In "Finvizhn Holdings" RNS was explained that interim measures will allow Finvizhn to vote on option stocks at the annual general shareholder meeting on June 28. According to materials of Vostochny bank, on June 28 at a meeting of shareholders, in particular, the board of directors will be elected. "To take interim measures - Providing the statement (statement of claim) (Article 92, 93 agrarian and industrial complexes, Article 42 of the Federal Law About insolvency)", - it is said in the judgment which was accepted today, on June 24. Earlier the court satisfied the claim of the Finvizhn Holdings company to the Evizon Holdings company for a duty to transfer to Avetisyan's structure 9.99% of bank shares "East" within execution of the option. As told RNS in the press service "Finvizhn Holdings", "interim measures will allow Finvizhn to exercise the legitimate right of a voice on option stocks during the vote at the annual general shareholder meeting on June 28 and will stop abuses of some managers of Baring Vostok fund who, having the formal right to vote on them, break the law on joint-stock companies, without giving Finvizhn's company the power of attorney on vote by option actions". In "Finvizhn Holdings" noted that "at acceptance of interim measures Finvizhn's company, using the voices belonging to it, together with other shareholders will be able to elect most of board members of Bank (5 of 9 members), to provide adoption of necessary decisions for development of Vostochny Bank and to prevent causing significant damage to Bank and Finvizhn's company from unfair managers of fund". In Baring Vostok consider that "interim measures by definition cannot award Finvizhn of a voice - it can be made only the judgment on a being of a dispute". The press service of Baring Vostok said that "The Amur court the unprecedented decision on interim measures (issue of the power of attorney) actually predetermined the result of case in point that is forbidden by the legislation and judicial practice". "At the same time on a reasonable demand to remove measures for additional issue owing to lack of damage at Finvizhn because of the change in price of issue the same judge, Osadchiy A.G., appointed court session to obviously late date after start date of issue". "Not only that the agrarian and industrial complex of the Russian Federation does not provide an opportunity to postpone consideration of a question of replacement of measures by purpose of a meeting, so also date of a meeting is chosen for that period after which the legitimate interest of bank in receiving the capital will be irrevocably violated". According to Baring Vostok, "this series of decisions actually legalize raider occupation of bank during which innocent people and at the same time key witnesses of this commercial dispute were arrested". According to data of the Central Bank, before judgment execution Arth

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