Lawsuit filed by minority shareholders of GAZ against Deripaska dismissed
MOSCOW, February 12 (RAPSI) – The Nizhny Novgorod Regional Commercial Court has dismissed a lawsuit filed by minority shareholders of the GAZ company related to Prosperity Capital management company seeking to recover 11.4 billion rubles (about $196.5 million) from Oleg Deripaska and head of GAZ Vadim Sorokin, the court documents read.
The plaintiffs in the case are The Prosperity Cub Fund, The Prosperity Quest Fund and The Russian Prosperity Fund. According to media reports, these entities are minority shareholders of the GAZ Group.
On August 30, 2016, the Supreme Court of Russia has upheld rulings of lower courts rejecting claims filed by Lankrenan Investments Limited, Medvezhonok Holdings Limited and Protsvetaniye Holdings Limited, which are part of the Prosperity Capital Management), that sought to recover about 657 million rubles (about $113.2 million) from eight members of the GAZ executive board.
The plaintiffs suggested that the defendants caused losses by voting to sell shares of the Kazington Limited automobile plant.