Minority shareholder of GAZ appeals dismissal of lawsuit against Deripaska
MOSCOW, March 20 (RAPSI) – The Russian Prosperity Fund, the minority shareholder of GAZ company, has filed an appeal against the Nizhny Novgorod Regional Commercial Court’s ruling dismissing to collect 11.4 billion rubles (about $196.5 million) from Oleg Deripaska and head of GAZ Vadim Sorokin, the documents of the First Commercial Court of Appeals read.
On February 21, the court in Nizhny Novgorod dismissed the lawsuit filed byThe Prosperity Cub Fund, The Prosperity Quest Fund and The Russian Prosperity Fund. The case was heard behind closed doors.
On August 30, 2016, the Supreme Court of Russia has upheld rulings of lower courts rejecting claims filed by Lankrenan Investments Limited, Medvezhonok Holdings Limited and Protsvetaniye Holdings Limited, which are part of the Prosperity Capital Management), that sought to recover about 657 million rubles (about $113.2 million) from eight members of GAZ executive board.
The plaintiffs suggested that the defendants caused losses by voting to sell shares of the Kazington Limited automobile plant.