The Court has supported Onexim

Today the Moscow Arbitration Court ruled in favour of Onexim Holdings Limited against Halcyon Power Investment Company Limited in a claim to invalidate the agreement on the sale of 32 103 008 103 shares of OAO “TGC-4” (approx. 1,6% of the company’s total share capital) within the company's mandatory offer. This decision has become the second decision in respect of the mandatory offer that proves the illegality of the transfer by certain foreign funds – minority shareholders of TGC-4 - of shares to ONEXIM Group in contempt of the direct court prohibition.

On 4 February ONEXIM won a similar action against Deutsche Bank acting for Prosperity Capital Management. Earlier ONEXIM settled a similar dispute with Morgan Stanley and a number of other minority shareholders.

“We welcome the decision of the court that has once again proved the legality of ONEXIM Group’s actions. We intend to continue consistently to defend our position in this situation” said Dmitry Razumov, the General Director of ONEXIM Group.