MOSCOW, APRIL 13 - RAPSI. The Khanty-Mansi Non-Government Pension Fund has filed an appeal against the Moscow Commercial Court's decision to dismiss a lawsuit against the Yugra-Finans Management Company for $60.87 million.
The Khanty-Mansi Non-Government Pension Fund and the Yugra-Finans 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 Yugra-Finans is obligated to repay the assets, so that the pension reserves will not decrease. The management company argues that it returned all of the money and the securities in its disposal when it received the termination notice, as the plaintiff assumed all of the assets value impairment risks under the agreement.
The Federal Service for Financial Markets held an inspection of YugraFinans based on an appeal filed by the Prosecutor General's Office. Law enforcement authorities became interested in the pension funds' investment plans, as the Khanty-Mansi Non-Government Pension Fund experienced difficulties in executing its obligations.
YugraFinans managed more than one-third of the pension fund's assets worth 8.7 billion rubles ($290.5 million). The funds assets cost a total of 24 billion rubles ($801 million). YugraFinans also managed almost 7 billion rubles ($233.8 million) of the fund's finances.
The Khanty-Mansi Non-Government Pension Fund was established in 1995. It is one of Russia's top-five non-governmental pension funds.