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Business / Finance

Baring Vostok has again filed a lawsuit against the Bank "East" monitoring of the banking press 13.05.2019 at 12:00

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Shareholder of Bank "East" Evison Holdings (owns 52% stake in the Bank, owned by the Baring Vostok Fund) has submitted to the credit institution's claim with the requirement to convene an extraordinary meeting of shareholders. The claim is registered in the Arbitration court of Amur region. In the same petition structure Baring asks the court to compel the Bank to adopt a new list of candidates to the Board of Directors, which must be submitted to the shareholders.

the Main shareholders of "Vostochny" — Baring and former owners of Uniastrum Bank, United with the "East" in 2017, are in conflict.

currently the Board of Directors of "East" meets in part. Three members of the Board of Directors of the Fund, the Baring was arrested in February: this is the founder of Baring Michael Calvey (under house arrest) and the Foundation's partners Philip Delpal and Ivan Zyuzin (kept in jail). A criminal case against them on suspicion of fraud by 2.5 bln. rubles was opened at the request of the representative of another group of shareholders — the minority shareholders of the "Eastern" Sherzod Yusupov (which owns a 4.8% stake). The only independent Director on the Board of Directors of "Eastern" — the former group managing Director of Morgan Stanley, financial institutions, Nikolai Varma left the Board of Directors of "the East" in April.

In summary, the Board of Directors can visit the four representatives of the shareholders of the former "Uniastrum" ("Finviz" Artem Avetisyan and two minority shareholders, together, own 40.2% of the shares of the Bank) and a representative from Baring, that is, five of the nine members. In order for the Board of Directors meeting did not take place (quorum — not less than 50% of the present), at least enough one of them did not attend the meeting.

the Lack of a quorum prevented the Board of Directors on may 6 to take a decision on holding an extraordinary General meeting of shareholders, the disclosure of the Bank. The next meeting of the Board of Directors, which will consider the question of convening the annual General meeting of shareholders, announced on may 17.

"Baring Vostok as a bona fide shareholder, seeks to ensure the stability of the Bank and of its bodies of corporate governance. As other shareholders have ignored previously convened meeting of the Board of Directors on appointment of date of extraordinary meeting of shareholders and on approval of the list of candidates for election to the Board of Directors, we took advantage of their right to file a claim on convocation of an extraordinary meeting of shareholders", — commented on the lawsuit in a press-service of Baring Vostok. RBC sent a request to the Bank "East".

Evison has filed a lawsuit to the "East" in the arbitration court of the Amur region in September 2018. The structure Baring challenged the appointment to the post of Chairman of the Board of Bank Vyacheslav Harutyunyan, who is a partner Avetisyan. As security, the court has suspended this decision. Evison eventually withdrew the lawsuit, when Baring and the second group of shareholders have agreed to appoint the head of Bank Alexander Nesterenko.