Court arrests Detsky Mir’s stake in Goldman Sachs Group

The Moscow Arbitration Court seized 37 million ordinary shares of Detsky Mir owned by Goldman Sachs Group. This should from the court decision.

Interim measures were imposed at the request of Otkritie Bank, which filed a lawsuit for joint recovery with Goldman Sachs International, Goldman Sachs Group, Inc. and Goldman Sachs & Co LLC debt of 614.74 million rubles. under a general agreement on a standard model document developed by the International Swaps and Derivatives Association (ISDA).

As part of the proceedings, the bank demanded to seize the funds on all accounts of the corporation, including in OOO Goldman Sachs Bank, Unicredit Bank and Citibank, within the stated amount, as well as on assets, securities, financial instruments, opened in Russian depositories. Otkritie asked the court to impose interim measures on a 100% stake in Goldman Sachs Bank.

At the same time, the bank petitioned for the arrest of 37 million ordinary shares of PJSC Detsky Mir, as well as shares of Sberbank, Aeroflot, Gazprom, Lukoil, Magnit, Tatneft, bank VTB, which are owned by Goldman Sachs III SICAV. In addition, the credit institution asked to seize receivables and a number of trademarks.

It follows from the court documents that Goldman Sachs refused to fulfill its obligations under the master agreement due to the fact that the United States and Great Britain imposed sanctions on the “Discovery”. With reference to the data of the concern’s website and the media, the Russian bank notes that Goldman Sachs is working to terminate its activities in Russia. In this regard, if interim measures are not taken, this may make it impossible to enforce the judicial act in the future, if the claim is satisfied.

As a result, the court granted the bank’s claims regarding the arrest of shares in Detsky Mir and small blocks of shares in Russian companies owned by the fund, and also imposed interim measures on property rights in relation to trademarks.

Goldman Sachs Group was founded in 1869 and is one of the largest investment banks in the world. The financial conglomerate is engaged in investment banking, securities trading and provides a wide range of financial services.