Regarding the situation around TGC-4
Recently, certain shareholders of TGC-4, primarily the foreign investment funds Prosperity Capital Management and Halcyon Advisors, have pledged a campaign in the press to slander the reputation of ONEXIM Group. These funds and their representatives have cast aspersions on ONEXIM Group that it acted unlawfully to cause damage to the minority shareholders of TGC-4.
It should be noted that the campaign has become more aggressive since the decision of the Moscow Arbitration Court on the illegality of the sale of shares of OAO “TGC-4” by Deutsche Bank/Prosperity Capital to Onexim Holdings Limited. Representatives of Prosperity Capital Management and Halcyon Advisors not only publicly cast untruthful information in respect of ONEXIM but questioned the ability of the Russian judicial system to review competently the subject of the dispute.
In light of the above, ONEXIM Group states the following:
- ONEXIM Group has always acted and continues to act in strict compliance with the legislation of the Russian Federation.
- ONEXIM Group was not able to fulfill the mandatory offer in respect of the shares of TGC-4 due to Russian legislation, of which it has timely notified all interested parties. ONEXIM Group regards as unlawful the actions of certain TGC-4 shareholders to transfer their shares of TGC-4 to Onexim Holdings Limited. ONEXIM intends to continue to dispute such actions in accordance with the applicable laws.
- ONEXIM Group is ready to carry on dialogue with all interested parties only from the standpoint of the respect of Russian legislation. ONEXIM has already succeeded in the settlement of disputes with a number of minority shareholders and we hope that other shareholders of TGC-4 will join this process.
- We consider as inadmissible the tactics of protraction of legal proceedings and abuse of procedural laws. Exactly these tactics are being used by foreign funds and banks during litigation in relation to the mandatory offer (particularly, in the litigation against Deutsche Bank on 4-5 February this year).
- We consider the campaign commenced by Prosperity Capital Management and Halcyon Advisors as an attempt to put pressure upon the courts before similar proceedings.
- We consider intolerable the tactics of public slander, and in case such actions continue we will seek the protection of our interests by judicial and law-enforcement authorities.
ONEXIM Group is confident that strict compliance with the legislation of the Russian Federation and the respect of court decisions is the only possible way of doing business in Russia. We appeal to all parties involved to refrain from groundless accusations and public pressure upon courts. We are certain that all arguments can and must be delivered to the courts in the adversary proceedings and that the Russian judicial system is the only authority that can give a final legal decision on the actions of the parties.