Support The Moscow Times!

TGK-2 Case Decided

Minority shareholders of power-generating company TGK-2 won a ruling from the Yaroslavl Region Arbitration Court this week to invalidate decisions made at the company's 2011 annual general meeting on the election of the board of directors, a source at Prosperity Capital Management, one of the plaintiffs, told Interfax.

Investors said the company refused to accept their nominations of minority shareholder representatives to TGK-2's board of directors in spring 2011.

The board subsequently complied with a court ruling and included representatives of minority shareholders in the list of board candidates, but a day before the shareholders meeting, Kores Invest, a firm representing the of Sintez Group majority shareholders, filed a lawsuit challenging this decision.

(MT)

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.