Pension fund appeals dismissal of $61 mln claim against management company
MOSCOW, May 2 - RAPSI. The Moscow District Federal Commercial Court will hear on June 4 the Khanty-Mansi Non-Government Pension Fund's appeal against the dismissal of its $61.3 million lawsuit against YugraFinance Management Company.
The pension fund has challenged both judicial acts.
The Khanty-Mansi Non-Government Pension Fund and the YugraFinance Management Company entered into a pension funds trust management agreement in 2008. In 2010, the plaintiff notified the defendant of the agreement's termination.
The fund maintains that YugraFinance must repay the assets at their initial value so as not to cause a decrease in the pension reserves. The management company argues that it returned all of the money and securities at its disposal when it received the termination notice, as the plaintiff assumed all the loss risks as per the terms of the agreement.
The Federal Service for Financial Markets undertook an investigation into YugraFinance at the Prosecutor General's Office's request. Law enforcement authorities also looked into the pension funds' investment plans, as the Khanty-Mansi Non-Government Pension Fund experienced difficulties in meeting its obligations.
YugraFinance managed more than one-third of the pension fund's assets - worth 8.7 billion rubles ($296.3 million). The funds assets amount to a total value of 24 billion rubles ($817.3 million).
The Khanty-Mansi Non-Government Pension Fund was established in 1995. It is one of Russia's top-five non-governmental pension funds.