Purchase of Sverdlovsk Gubernskiy Bank’s shares is illegal, FINAM claims

30 May 2008 (09:05)

‘The purchase and sale agreement that involves 75,000 of Sverdlovsk Gubernskiy Bank’s ordinary registered uncertificated shares (the bank’s additional share issue aimed at improving on their authorized capital) is illegal, since it contradicts the existing legislation regarding the joint stock companies. This agreement violates the priority of the federal bills, so the court must consider the public prosecution authorities’ claims, given particularly the fact that due to the general drift to a stronger legal framework much more attention is now paid to the infringement of state interests,’ says FINAM’s analyst Ekaterina Sekenova.

In the meantime, Sverdlovsk Region’s public prosecution authorities claim that the deal was illegitimate and insist on Sverdlovsk Gubernskiy Bank’s paying 94 million RUR back to the regional budget.

‘The likeliest thing to happen is that the agreement will be appealed against. The whole thing naturally plays down the bank’s image and makes the region’s government look somewhat dubious. Nevertheless, the bank has a stable position on the market, so the agreement in question will probably not affect their affairs very much,’ Sekenova added.

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