Troika Dialog's appeal in $4.8 mln dispute with pension fund to be heard on Feb.2
MOSCOW, December 29 - RAPSI, Natalia Belova. A court will hear on February 2 an appeal filed by Troika Dialog, one of Russia's top investment companies, against a courts 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).
The commercial court upheld the claim filed by the Social Security of Old-Age pension fund in July in full. The court ordered that 147.297 million rubles ($4.6) in lost funds and 3.746 million rubles ($118,700) in interest be recovered from Troika. An appellate court upheld the judgment in October.
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.
The Social Security of Old-Age pension fund was founded in 1995 by Magnitogorsk Iron & Steel Works.
Established in 1991, Troika Dialog is the leading private investment company in Russia and the CIS.