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Court in Amur Oblast obliged to sell shares of East Bank to Avetisyan - EastRussia | Far East

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The court in the Amur region obliged to sell the shares of East Bank to Avetisyan

The court in the Amur region obliged to sell the shares of East Bank to Avetisyan
Photo: Vostochny Bank Press Service

The Arbitration Court of the Amur Region obliged Cyprus-based Evison Holdings Limited representing Baring Vostok to transfer 9,99% of Eastern Bank's shares to minority shareholder Artem Avetisyan.

The lawsuit on the transfer of shares to the court was filed by the company “Finvizh Holdings”. The court ordered the defendant to execute the first call option agreement of 26 August 2016 and transfer more than 80 billion shares of the bank. The company must do this within five calendar days from the date of entry into force of the judicial act.

As noted in the court decision, if Evison Holdings Limited does not transfer the shares within the prescribed period, the shares will be debited from the company's personal account and credited them to Finvizh Holding when it presents evidence of the transfer of 750 million rubles to Evison Holdings Limited.

Vostochny Bank joined Artem Avetisyan to Uniastrum Bank in 2017. After the merger, Baring Vostok, through Evison Holdings, became the owner of 51,6% of Vostochny Bank shares, and Finvinn Holdings received 32%. In April of this year, the Arbitration Court of the Amur Region decided to partially satisfy the motion of Finvizh Holdings and arrested 9,99% Bank Vostochny’s shares, however, refused to ban an additional issue of five billion rubles.