ALRUD represented Sova Capital Limited, a major British investment company, in a dispute over damages caused by a non-sending of the mandatory offer on purchase of shares of Bank Otkritie Financial Corporation.
According to the plaintiff, in August 2017, Trust Bank together with its affiliates acquired more than 75% of the voting shares of Bank Otkritie Financial Corporation. Meanwhile, the bank failed to send a mandatory offer on purchase of shares in accordance with the requirements of Article 84.2 of the Law on Joint-Stock Companies to the large private pension fund Budushcheye, which was a shareholder of Bank Otkritie Financial Corporation.
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Thus, the Fund considered that it had suffered losses as, after the acquisition of shares, a temporal administration was appointed in Bank Otkritie Financial Corporation, and the share capital was reduced to 1 ruble. This immediately led to a decrease in the value of the Fund's shares. So, the Fund appealed to the court with a claim on recovery of losses.
Sova Capital Limited was involved into the case as sustaining of the Fund’s claim could have led to joint liability of the company for damages. Therefore, the result of the dispute was crucial for Sova Capital Limited.
ALRUD has elaborated an integrated strategy to defense the interests of the company and a position in the dispute, which were quite helpful for the full dismissal of the claims of private pension fund Budushcheye.
The ALRUD team, which supported one of the largest corporate disputes in Russia, was headed by Sergey Petrachkov, ALRUD Partner of the Dispute Resolution Practice. The team also included Denis Bekker, Associate, and Anastasia Chagina, Senior Attorney.
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