The court forbade Credit Suisse and UBS to dispose of shares and shares of Russian subsidiaries
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The Moscow Arbitration Court banned the Swiss banks Credit Suisse and UBS from disposing of shares in their Russian structures. This should from the court ruling.
The interim measures were introduced as part of the bankruptcy claim of the bank “Zenith» to Credit Suisse AG. On August 7, the court accepted the application for declaring the credit organization bankrupt represented by the legal successor UBS AG.
The ruling of the court says that Zenit sees the risk of ending the activities of banks in Russia, according to the bank, the organizations have prepared for this. The Russian bank also pointed out the impossibility of enforcing a judicial act in the jurisdiction of the debtor.
Due to this “Zenith” asked to seize $ 13.6 million (or 1.26 million rubles at the rate of August 3) on the accounts of Bank Credit Suisse JSC, as well as on the same amount on the accounts of UBS Bank. In addition, the bank demanded that Swiss companies be banned from disposing of shares and stakes in their Russian structures.
The court denied the request to freeze the funds in the accounts, since Zenit did not give reasonable arguments for the need for such a measure. In this case, the court granted the application in another part. In particular, the court prohibited Credit Suisse from disposing – selling, providing as security for its own obligations or obligations of third parties, encumbering in any other way – 99.99% of the shares of Credit Suisse Bank and 99.99% of the shares in Credit Suisse Securities. A similar decision was made with respect to UBS, which was banned from disposing of 99.99% of the shares in UBS Bank.
June 12, the largest Swiss bank UBS announced on the completion of the takeover of Credit Suisse. As a result of the transaction, Credit Suisse Group AG was merged with UBS Group AG, the combined entity will operate as a consolidated banking group. UBS explained that, pending further integration, UBS Group AG will operate two separate parent banks, UBS AG and Credit Suisse AG. At the same time, each organization will continue to have its branches and subsidiaries.
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