The “Sum” is against deduction

Kommersant learned that the Summa Group of Ziyavudin Magomedov contested the legality of the decision of the Board of Transcontainer to sell 50% of the shares of the Kedentransservice company of Kazakhstan to its other co-owner Kazakhstan Temir Zholy (Kazakhstan Railways, KTZ). The deal was to become a stage in the project of creation of the United Transport and Logistics Company (UTLC) by Russia, Byelorussia and Kazakhstan, which may be delayed now.

A source close to the Russian company told Kommersant that Transcontainer could face difficulties when selling the 50% of the shares of Kedentransservice to KTZ. According to the source, the Summa Group (controls 24,1% of Transcontainer) is not satisfied with the procedure of approval of the deal and wishes to raise the issue at the Board meeting on April 15. The Board approved the deal on February 18, but Summa is convinced that it was a deal with interest: after the asset is consolidated, KTZ is to contribute it to the capital of UTLC, which owns 50% plus two shares of Transcontainer. The source of Kommersant believes that the sale decision is within the competence of the shareholders’ meeting. According to Kommersant, representatives of Summa told Zhanar Rymzhanova, Chairperson of the Board of Transcontainer, that there is a risk of claims to the company by shareholders and GDR holders due to the connection between the deals. Summa refused to comment, Mme. Rymzhanova was unavailable for comments <...>

Alexander Bolomatov, Partner of the Law Firm "YUST", believes that Summa has every chance to contest the deal: “The minorities’ claims are well-founded and logical: they are afraid that the profits of Transcontainer may fall after the sale of the asset”.