MOSCOW, August 20 - RAPSI. The Moscow Commercial Court will hear an individual's lawsuit against the VTB bank and the Moscow Property Management Department on September 4. The lawsuit seeks to quash the transfer of the Moscow government's Bank of Moscow shares to VTB.

The complaint was filed by Sergei Devyatkin on May 5, but was shelved as the plaintiff failed to specify his claims regarding each co-defendant and to pay the state duty.
In June, Devyatkin rectified the omissions and his complaint was accepted.

Devyatkin's representative said her client has challenged the transaction because it affects his rights as a potential bidder for the shares.

She also noted that Devyatkin does not own any Bank of Moscow or VTB stock.

Moscow Deputy Mayor Natalia Sergunina stated on February 22, 2011 that the Moscow government sold its 46.48 percent stake in the Bank of Moscow and 25 percent plus one share of the Capital Insurance Group, which held 17.32 of the shares in the bank, for 103 billion rubles ($3 billion). The price was 14.4 percent higher than the official appraisal value.

According to Sergunina, the shares were first contributed to the groups charter capital and their sale to VTB was completed on February 22. The group was fully owned by the Moscow authorities.

The court has failed to explain on what grounds Devyatking requests to invalidate the purchase.