Telecom company shares dispute to continue on May 30
MOSCOW, April 19 - RAPSI. The Moscow Commercial Court has postponed until May 30 the consideration of Sigma Capital Partners’ lawsuit to recognize its pledge over 484 shares (12.1 percent) in the SMARTS telecommunications company.
The plaintiff has asked the court to order SMARTS to reflect the shares encumbrance in its shareholders ledger. The plaintiff has also requested the court to levy execution on the shares initially valued at $29.561 million.
The court delayed the trial on Thursday due to changes in the statement of claim and to allow the parties time to submit additional documents.
Sigma said in court that it received the pledge over the shares from the Foreign Economic Bank (VEB). The bank ordered OAO Reestr to transfer the pledge to Sigma, but the registrar denied the transfer in January 2008 because it was no longer a registrar . Moreover, such actions required the pledgor’s consent. SMARTS presently acts as the registrar.
According to the case materials, VEB granted a $56.3 million loan to Angentro Trading and Investments, a SMARTS shareholder. SMARTS pledged its 484 shares to VEB as security for the loan.
The lender requested early repayment on December 7, 2005. The following day, VEB assigned its claims to Sigma together with the pledge.
In September 2006, Sigma assigned its claims to Angentro Trading and Investments and the pledge to SoyuzInvest in September 2006. However, the parties terminated their contract in October 2007 and Sigma required from SMARTS' registrar an entry on transferring the pledge.
SMARTS is a major telecommunications holding established in Samara in 1991.