Court keeps looking into Bank Severnaya Kazna & Alfa-Bank vs. Shishkina

Sverdlovsk Region Arbitration Court is going to keep looking into the claim laid by the bank’s minority shareholder (2.07% of shares) Oksana Shishkina against Bank Severnaya Kazna and Alfa-Bank in June 2009. The plaintiff insists on Alfa-Bank making Bank Severnaya Kazna go through with a public buy-out offer and acquire the shares from the other stockholders. The decision to put off the hearing till June was taken at a session on May 14, 2009.

Shishkina believes Alfa-Bank must buy her shareholding (1,276,500 shares) at the highest price offered to the other stockholders. She insists on Bank Severnaya Kazna calling up a BOD meeting to make sure the BOD recommends this to the shareholders.

It has been reported that Ms Shishkina intends to prove that the acquisition of Bank Severnaya Kazna’s controlling shareholding by Alfa-Bank was not done under the financial recovery procedure and was, in fact, no more than a regular purchase and sale transaction. In which case, the stockholders have the right to get their shares bought obligatorily.


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