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Siberian non-government pension fund loses $58.7 mln claim

17:44 16/11/2011

MOSCOW, November 16 - RAPSI, Natalia Belova. A commercial court dismissed on Wednesday a non-government pension fund's lawsuit for $58.7 million against a management company, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

The Khanty-Mansi Non-Government Pension Fund and the Yugra-Finans Management Company entered into a pension funds trust management agreement in 2008.

In 2010, the plaintiff notified the defendant of the agreement's termination.

The claim amount constitutes the difference between the market value of the assets transferred for management and the value of the assets returned after termination.

The fund maintains that Yugra-Finans is obliged to repay the assets, so the pension reserves will not decrease.

The fund was established in 1995 by a Khanty-Mansi Autonomous Area department. It is one of Russia's top-five non-government pension funds.

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Siberian non-government pension fund loses $58.7 mln claim

17:44 16/11/2011 A commercial court dismissed on Wednesday a non-government pension fund's lawsuit for $58.7 million against a management company.
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