Troika Dialog appeals $4.8 mln award to pension fund
MOSCOW, December 27 - RAPSI, Natalia Belova. A court has registered an appeal filed by Troika Dialog, one of Russia's top investment companies, against a court's decision to recover from it $4.8 million in favor of a non-governmental pension fund, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com).
Established in 1991, Troika Dialog is the leading private investment company in Russia and the CIS.
The non-governmental pension fund Social Security of Old-Age entered into a trust management contract with Troika Dialog in 2007 under which the company was to manage the fund's money and shares. The contract expired in December 2010. The pension fund's assets that were managed by Troika lost 147 million rubles ($4.7 million) of their value during the management period.
The claimant maintains that the contract stipulates that Troika is legally obliged to return the funds at least equal in value to what was transferred to it for management.
In turn Troika Dialog told RAPSI it considers the claim unfounded since it managed the funds in good faith and denies any responsibility for the losses sustained by the pension fund.