Advocating
shareholders
rights

25.03.2022 |Myriad Rus Report on Board of Directors Reform in Russian public companies

The Corporate Law Task Group of Myriad Rus led by Alexander Klimenko, Head of the Department of Law, presents a comprehensive report on the current situation in Board of Directors of major Russian state-owned companies and evaluates effectiveness of the corporate decision-making.

The Myriad Rus chief analyst Andrey Rozhkov comments the deal.

For details (in Russian only)

14.10.2021 |A1 bought the Rustam Tariko’s affiliate debt

A1, the investment branch of Mikhail Friedman’s Alfa Group, has become the biggest Russian Standard Limited bondholder (more 30%) through the acquisition from foreign investors.

The Myriad Rus chief analyst Andrey Rozhkov comments the deal.

For details follow the link (in Russian only)

01.07.2021 |Myriad Rus experts evaluated the effectiveness of the Bank of Russia squeeze-out reform proposal

The Myriad Rus Task Group for Regulatory Policy on Corporate Relations led by LLD Konstantin Brizkun published the comment on the Bank of Russia consultation paper “The Reform of the Squeeze-out Procedure in Public Joint-Stock Companies”.

Myriad Rus supports the National Bank in its attempts to improve the squeeze-out institution in Russia in order to develop a balanced approach for the government regulation of this procedure in behalf of all competitors in the securities market, including minority shareholders.

For details follow the link (in Russian only)

20.01.2021 |Myriad Rus generated a public discussion of the new draft law on corporate affairs

The Myriad Rus experts assessed the impact of a bill 996950-7 by the State Duma representative Mikhail Emelyanov (Fair Russia, Rostov Region) concerning the government regulation of the conversion of public companies into private on the corporate relations system. Analytics claim some amendments potentially conflict with the federal law.

After the internal task force discussion, the Department of Government Relations circulated the draft law review to the key market regulator, the Bank of Russia, and to the professional society within federal authorities and public organizations.

In late December, the State Duma Committee on Financial Market and the federal Ministry of Economic Development commended the Myriad Rus experts for the detailed review that will serve as the basis for the government opinion on the draft law.

28.01.2020 |Minority shareholders of Gazprom branch in Voronezh struggling for transparency

OJSC Gazprom gazoraspredelenie Voronezh extraordinary AGM voted a new Board of Directors. Only two of seven – independent directors, Myriad Rus lawyers Alexander Klimenko and Alexander Grebnev – remained active.

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16.12.2019 |Tver Region Arbitrary Court confirmed a breach of procedure in Vyshnevolotsky MDOK

Gennady Filatov’s company to pay a fine at discount as it ignored investor initiatives by Avinem Investment Ltd.

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27.11.2019 | Moscow lawyers made Voronezh MP-led company reveal its bank accounts

Voronezh Region Arbitrary Court satisfied a claim of Alexander Grebnev, the Board of Directors member in OJSC Gazprom gazoraspredelenie Voronezh, against its management to oblige him with information about bank account transfers, including the accrual of interest, in 2017-2019.

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15.11.2019 | A Battle for Expertise

Former PJSC Gazprom gazoraspredelenie Nizhny Novgorod minority shareholders compelled the court to carry out a new evaluation of previously sold shares. However, plaintiffs suggest that the decision is highly questionable as the appointed expert is affiliated with the respondent entity, the Saint-Petersburg based JSC Gazprom gazoraspredelenie. The arbitrary court declined the challenge of expert.

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31.10.2019 | Corrupted Expertise

PJSC Gazprom Gazoraspredelenie Nizhny Novgorod minority shareholders challenged the court-appointed expert in the case of non-market value of shares during the buyback. Investors declared that Labrium Consulting is closely connected with the energy monopoly in a long-time partnership.

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23.10.2019 | Vyshnevolotsky MDOK’s Board of Directors to pay out for ignorance about investor opinion

The North-West District Court of Revision reaffirmed lower tribunals judgements on personal financial responsibility of furniture company’s directors, Volochek.life reports

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25.06.2019 | Minority shareholder representative elected as Mashinostroitelny Zavod PJSC independent director

The annual general meeting of the Moscow Region located Mashinostroitelny Zavod PJSC (a subsidiary of TVEL Fuel Company owned by ROSATOM State Atomic Energy Corporation) decided to designate Evgeny Maksimenkov, Chief Lawyer of Myriad Rus LLC as the BoD member, information agency Atomic Energy 2.0 reports.

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02.04.2019 |Tver Region Court of Arbitration obliged the Vyshnevolotsky MDOK OJSC Board of Directors to compensate losses caused by the Bank of Russia fine

On 25 March, 2019 Tver Region Court of Arbitration satisfied a claim of Adept Opportunity Company Ltd. against five BoD members of Vyshnevolotsky MDOK OJSC to recoup losses caused by the Bank of Russia fine. In 2017 the Board of Directors refused to include a minority shareholder proposal to the General Meeting agenda. The Tver office of Bank of Russia and several court authorities, including the Supreme Court, recognized this decision illegal.

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25.03.2019 |Precedent: Voronezh Court clarifies the BoD member right to corporate information

On 18 March, 2019 the 19th Arbitrary Court of Appeal based in Voronezh considered the notice of appeal by OJSC Gazprom gazoraspredelenie Voronezh (Gazprom group) against a decision of the Voronezh Region Arbitrary Court made on 10 December, 2018 about the claim of its Board of Directors member Alexander Klimenko, the Myriad Rus managing partner. The court of appeal affirmed the previous decision on illegal restriction of a BoD member’s right to get any information about corporate activities similar to corresponding limitations for shareholders in federal law. In this respect, the case fills the gap in the Russian corporate law between rights and responsibilities of a member of Board of Directors.

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04.02.2019 | Myriad Rus calls for the Russian Standard Ltd. bondholders to join the request to proceed with the enforcement of the pledges

The Bondholder Ad Hoc Committee initiator announces membership enlargement of the group of at least 25 % noteholders to request the trustee (Citibank, N.A. London branch) to proceed with the enforcement of the pledges, 49 per cent of the Russky Standart bank. This is essentially important to ensure the maximum recovery for the holders of the defaulted notes. If the group of bondholders holds less than 25% of the notes, Myriad Rus intends to commence a collective action at the Moscow City Arbitration Court concerning a claim the protection of violated rights and legitimate interests of all noteholders in order to proceed with the enforcement of the pledges under the Russian law.

02.12.2018 | PJSC Gazprom gazoraspredelenie Nizhny Novgorod minority shareholders argue its stock prices

The NTA-Privolzhye information agency acquainted the public with the declaration of PJSC Gazprom gazoraspredelenie Nizhny Novgorod minority shareholders. According to their representative, the Moscow-based consulting firm Myriad Rus Ltd., JSC Gazpromgazoraspredelenie (majority shareholder) infringes competition law and business integrity standards in the context of the voluntary offer.

21.11.2018 | Russian Standard bondholders to file a complaint after default

After 2017 default a group bond creditors led by Myriad Rus Ltd. will try to retake 49% shares of Rustam Tariko’s Russian Standard bank as securities for the loan. According to Vedomosti, the trustee of $545mln Russian Standard Eurobonds, the London office of Citibank had informed bondholders about this initiative. The presentative of 9.84% RS bondholders Myriad Rus Ltd. confirms the report.

16.11.2018 | Majority shareholder of Gazprom gazoraspredelenie Nizhny Novgorod PJSC made a voluntary tender offer

On 15 November, 2018 the Saint-Petersburg based Gazprom gazoraspredelenie JSC (owns 29.999% shares of Nizhny Novgorod regional gas company) made a voluntary offer to other corporate investors to sell it 70.001% shares left for ₽66.00 for one ordinary share. Minority shareholders have to make a decision on the tender offer in a general meeting that should be held in the next 70 days. In 15 days the Board of Directors and an appraiser office will provide shareholders with information related. According to the National Disclosure Center, an extraordinary BoD meeting on this issue will be held on 27 November, 2018.

26.07.2018 | Gazprom Gazoraspredelenie Voronezh minority shareholders blocked ₽1.6 bln loan to Gazprom Mezhregiongaz, its parent company

Minority shareholders of Gazprom Gazoraspredelenie Voronezh JSC (a company which specializes in natural gas transportation and pipeline building in Voronezh region) voted 67 percent against lending ₽1.64 bln to Gazprom Mezhregiongaz LLC in the extraordinary general meeting. The Board of Directors determined a loan interest rate on the level of 0,8 of the Bank of Russia’s interest rate on the day of transfer, documents say.

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05.04.2017 | Minority shareholders of PJSC “Gazprom” have required assistance of “Rosneftegaz” in order to take “Oblgaz” out of “Gazprom’s” control.

“Rosneftegaz” owns almost 11% of shares of PJSC “Gazprom” being one of the principal State representatives among shareholders. We are sure that “Rosneftegaz” will help us to seek compensation from the Management Team of the Company for the withdrawal of the big structural subdivision.

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29.03.2017 | Minority shareholders of PJSC “Gazprom” have required the Federal Agency for State Property Management to assist with the removal of "Oblgaz" out of control of “Gazprom”.

The Russian Federation is the principal shareholder of PJSC “Gazprom”. This is why the removal of the regional subdivision out of control of so-called “National Treasure of Russia” will have drastic effect on the interests of the country. We hope that the Federal Agency for State Property Management will join our lawsuit.

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28.03.2017 | Good redemption deserves fair compensation.

As Minority Shareholders believe basing their opinion on Russian legislature “Gazprom” should have offered them to buy its shares of “Oblgaz”. But that has never been done causing to Boreas loss of profit of 11 million rubles. Therefore Minority Shareholders are going to punish “Gazprom” for non-compliance with Russian laws but experts think that it would be very difficult to prove that any damage…

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24.03.2017 | Minority Shareholders require recovering loss in the amount of 11 million rubles caused by “Gazprom”.

The lawsuit was filed to the Moscow State Commercial Court 23 March (the copy of the document is at disposal of RBC-NN). The date of hearing has not been established yet. “Boreas Asset Management Ltd.” insists that the reason of such loss of profit was that that while the transaction of sale of 25,5% of voting shares to the affiliated company was in process…

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