The court recovered in favor of the Russian Federation the shares of private investors of the Solikamsk magnesium plant

Arbitration Court of the Perm Territory satisfied claim by the regional prosecutor for the recovery in favor of the Russian Federation of 10.5% of the shares of OJSC Solikamsk Magnesium Plant (SMZ), writes Interfax with reference to card index court. 10.5% of the shares belonged to more than 2 thousand minority shareholders.

In 2022, the prosecutor’s office achieved seizure of 89.5% of the shares of SMZ, which were controlled by Pyotr Kondrashev, Timur Starostin, Igor Pestrikov and Sergey Kirpichev. The supervisory agency stated that the privatization of the plant in 1992–1996 was carried out in violation of the law.

In December 2023, 89.5% of shares by order of the Government of the Russian Federation were transferred “Rosatom”. On April 10, 2024, an extraordinary meeting of shareholders of the Solikamsk Magnesium Plant will be held, at which the new composition of the company’s directors will be discussed. In particular, it will include representatives of JSC Atomredmetzoloto (a subsidiary of Rosatom).

During the precedent trial, a representative of the Bank of Russia, who was involved in the case as a third party, insisted that the court should refuse the demands of the prosecutor’s office. Regulator indicatedthat uncertificated securities cannot be withdrawn from retail investors who purchased them through organized trading.

Read more about the situation in the Kommersant-Prikamye article. “There is no issue from the exchange.”

Lusine Balasyan