MOSCOW, June 4 - RAPSI. The Moscow District Federal Commercial Court has submitted Khanty-Mansy Non-Government Pension Fund's lawsuit to recover $53.03 million from YugraFinance Management Company to the Moscow Commercial Court for reconsideration.
In November 2011, the Moscow Commercial Court ruled against the pension fund's lawsuit. The Ninth Commercial Court of Appeals upheld the judgment. The decision came into force in February. The pension fund has challenged both judicial acts.
On Monday, after considering the fund's appeal, the court canceled the Moscow Commercial Court's decision and the appeals instance's ruling, and submitted the case for reconsideration to the first-instance court.
The Khanty-Mansi Non-Government Pension Fund and YugraFinance Management Company entered into a pension fund 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 of the loss risks under the agreement.
The Federal Service for Financial Markets undertook an investigation into YugraFinance upon the Prosecutor General's Office's request.
The law enforcement authorities also looked into the 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 ($256.33 million). The funds assets amount to a total of 24 billion rubles ($707.13 million).
The Khanty-Mansi Non-Government Pension Fund was established in 1995. It is one of Russia's top-five non-governmental pension funds.