Investors sued Rosseti for 20 billion rubles due to reorganization

The cassation instance of the Arbitration Court of the Moscow District satisfied the complaint of Rosseti, and also returned for a new consideration the claim from the SIAB bank, one of the holders of the company’s bonds, the newspaper reported Vedomosti. At a meeting on the case, a representative of Rosseti said that the total amount of claims against the company from bondholders is 20 billion rubles.

According to Vedomosti, now the arbitration courts are considering six lawsuits from investors against Rosseti. Three lawsuits are considered in the first instance, two – in the appeal, one more – in the cassation. Meetings on them were postponed until a decision was made on the SIAB claim.

Also, four individuals demand early repayment of Rosseti bonds, Vedomosti previously wrote about this. In May this year, the Kuntsevsky District Court of Moscow fully satisfied the claims of two bondholders. In the first case, the investor demanded 5.05 million rubles, the amount of other claims is unknown.

At a meeting of the cassation instance, which took place on June 1, a representative of Rosseti recalled that the Central Bank had previously sent a letter to the company about the early redemption of bonds. It noted that when considering disputes on early redemption of the nominal value of bonds due to reorganization, it is worth considering its goals, the financial condition of the issuer and the behavior of the participants in the dispute. Rosseti also insists that the rights and interests of bondholders have not been violated, and the company’s financial condition remains stable.

In turn, SIAB did not agree with these theses. The representative of the bank noted that earlier Rosseti refused to pay dividends for 2022, and also announced plans to increase the authorized capital by 120 billion rubles. through additional placement of shares. The bank believes that this “definitely indicates a lack of funds” for the company.

In September 2022 Rosseti announced on reorganization by joining the Federal Grid Company of the Unified Energy System (FGC UES). Reorganization completed January 9. According to the law, in the event of reorganization, bondholders may require the issuer to redeem them ahead of schedule at face value.

Olesya Pavlenko