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Improving russian corporate climate, investment support

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We provide services related to protection of shareholders’ rights, investment expertise, legal and consulting support. Our customers are Russian and western investment funds.

The mission of Myriad Rus is to improve the corporate climate in Russia. We partner with owners and management of public companies in order to ensure sustainability and transparency of their business for all shareholders, and create investment, corporate and judicial practices that directly promote investors’ trust in Russian companies.

Please visit downloads to read about shareholders rights and powers, and get other useful information

Expert appraisal of Russian companies for investment purposes

Expert appraisal of Russian companies for investment purposes

Expert appraisal of Russian companies for investment purposes

Financial analysis of companies, analysis of ownership structures, analysis of corporate law infractions and evaluation of legal risks, formulating a legal position for minority shareholders.

Advocacy of minority shareholders

Advocacy of minority shareholders

Advocacy of minority shareholders

Filing claims with supervising authorities and courts to protect minority shareholders' rights and interests, contesting dubious transactions, blocking assets disposals, representing minority shareholders in boards of directors, etc.

Consolidation of minority shareholdings

Consolidation of minority shareholdings

Consolidation of minority shareholdings

Building a legal framework for coordination between minority shareholders of a company. Developing a concerted action strategy for minority shareholders.

Resolving corporate conflicts

Resolving corporate conflicts

Resolving corporate conflicts

Building partner-style relationships with owners and management of public companies intended to ensure stability and transparency of their business for all shareholders. Finding win-win solutions for majority and minority owners.

Organising direct investments

Organising direct investments

Organising direct investments

Forming direct investment funds to finance transactions with illiquid assets. Raising both Russian and foreign short- and long-term funding. Sharing financial risks with partners.

Myriad Rus calls for the Russian Standard Ltd. bondholders

Myriad Rus announces membership enlargement of the group of at least 25 per cent of beneficial holders of Russian Standard Ltd. U.S. $ 451,000,000, 13 per cent Senior Secured PIK Notes, due 2022 to request the Trustee to proceed with the enforcement of the Pledges.

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Support of Gazprom ADR holders in a joint lawsuit over financial losses on South Stream

According to our experts, the Gazprom BoD decisions on the South Stream pipeline project in 2010-2015 could lead to a loss of around $2.2 bln to the company and its shareholders

In 2007-2012 Gazprom and a number of European countries were intensively negotiating about the construction of the South Stream gas pipeline. It began on 7 December 2012 and was to be finished in 2015 at the estimated cost of €16 bln. However, on 17 April 2014 the European Parliament adopted a resolution recommending to refrain from building the South Stream. In December 2014 the construction was officially suspended. Apart from foreign policy drawbacks, we believe there were also some internal corporate reasons for such developments. According to the open data released by Gazprom in the Interfax portal from April 2010 to January 2015, the Board of Directors took some South Stream-related decisions, but their gist has never been disclosed since 2010. It may safely be said that annual meetings of Gazprom shareholders did not pass any decisions related to this project.

At the same time, Gazprom consolidated IFRS financial statements demonstrate that the company recognized impairment losses on the facilities under construction in the amount of ₽56.347 mln in 2015, ₽45.978 mln in 2016 and ₽49.617 mln in 2017. Thus, Gazprom’s total losses resulting from the suspension of South Stream reached ₽151.942 mln which was equivalent to $2.2 bln on 23 August 2018. We suppose that the “classified” Board of Directors decisions on the South Stream could lead to losses to the corporation and its shareholders. However, in order to prepare the case for any lawsuit on this issue, Myriad Rus needs to request all BoD decisions for the aforesaid period to show causality between them and losses suffered. Russian laws entitle shareholders aggregating at least 1% of shares in a public joint-stock company to require access to such information. According to the Gazprom 1998 Ordinary Shares Prospectus, the legal status of Gazprom APD holders (approximately more than 27% of the total number of its ordinary shares) is equivalent to the corporate rights and responsibilities which holders of Gazprom ordinary shares enjoy.

Today we are seeking for the support of Gazprom ADR holders in maintaining corporate interests and welcome them to join our information request. For our part, we are ready to ensure legal support for this request in Russia, coordination of participating shareholders, preparation of all necessary documents and actions.

For any enquiries you might contact Alexander Klimenko, Myriad Rus Executive Director

Address: office 105, 11 Gogolevsky boulevard, Moscow 119019


Telephone: +7-495-565-38-80

Request to provide information you may download in «Download documents»

Learn More About The Claim Against Gazprom

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Andrey Dekalchuk

General Director, OAO TITAN-2

«After many years of working with that company, our impressions are but favourable. We look forward to continuing our fruitful co-operation with Myriad Rus».

Arsen Egazaryan

Director, OOO SpectrInvest

«Myriad Rus is run by a wonderful team of young professionals who come up with effective and out-of-the-box solutions for complicated shareholder issues. I would recommend that company’s services to anyone who is in the market of non-liquid assets».

Philipp von Bernstorff

Portfolio Manager Vulpes Russian Opportunities Fund

«The Myriad team is highly professional with a strong ethical believes. We will continue working with them on our projects».

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The most recent information (in april 2022 updated)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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, reports

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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.

Full version (in Russian only)

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…

Full version (in Russian only)

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…

Full version (in Russian only)