Minority Shareholders Of Sberbank Bring Suit Against Central Bank And Sberbank

Minority shareholders of Sberbank brought a suit against the Central Bank of Russia and Sberbank to the Moscow arbitration court, requesting decisions made by the Supervisory Council of Sberbank and the Central Bank to be declared illegal. The press service of the Hermitage Capital Management company representing, interests of Sberbank's minority shareholders (10%) issued such press release today. The Council is known to have decided to approve the new issue of shares and the Central Bank agreed to register it. Shareholders explained their arguments in accordance with articles 81 and 83 of a law 'On Joint-Stock Companies.' Thus, the Central Bank is interested an upcoming additional issue of shares, and its representatives in the Supervisory Council of Sberbank had no right to approve the issue. Since the volume of issue was equal to 2% of all voting shares, this decision could be made at a general meeting of shareholders of Sberbank only.