"Baltiysky" swamped by proceedings
The former owners of Baltiysky Bank suspected Alfa Bank, which is sanitizing Baltiysky, of the intention to strip them of their minority shareholder status. That is why they are trying to contest the deal of transfer of the property title to 10,9% of the shares of the sanitized bank in court. However, lawyers believe that the new legal provisions make the claimants’ chances tenuous.
Kommersant has the text of the statement of claim of the former owners of Baltiysky Bank. Baltiysky Trading House (BTH) company attempts to contest the purchase of 10,9% of the shares of Baltiysky Bank by Elex Nedvizhimost company. BTH represents the interests of Andrey Isaev, a shareholder of Baltiysky Bank, whose share in the course of a standard sanitation procedure of the decrease of the bank’s capital to 1 rouble and the following additional issue went from 49,877% down to a quite symbolic 0,000005%. The claim was filed with the court of arbitration of Moscow on January 15, the preliminary consideration has been scheduled for March 16, according to the files of the court of arbitration. The Central Bank, the Deposit Insurance Agency and Alfa Bank, which has been sanitizing Baltiysky Bank since August of 2014 and which owns 88,9% of its shares are third parties to the claim <...>
In theory, lawyers believe, BTH might be able to prove the deliberate push out of the capital of the sanitized bank in court. According to the resolution of Baltiysky Bank, the additional shares were issued under a closed subscription to the benefit of Alfa Bank and Elex Nedvizhimost. Alexander Bolomatov, Partner of the Law Firm "YUST", says: “Under this condition, there are no violations according to the letter of the law. But should the court recognize that artificial conditions were created for the purpose of pushing the minority shareholders out, the deal of sale of the 10,9% shares of Baltiysky Bank will be cancelled”. However, Alfa Bank will retain the control over Baltiysky Bank and the status of its sanitizer.
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