JANUARY 27, 2022 — In a recent turn of events, auctions of the BKIT’s shares in ToAZ were scheduled to take place in Russia in the coming weeks. They have been temporarily suspended while the Russian anti-monopoly Service (FAS) considers complaints made to it. The BKITs believe those auctions to be unlawful.
Illegality of auctions
The bankruptcy administrator of Sergei Makhlai (appointed by UCCU) has, the BKITs believe, wrongfully determined that the BKIT’s shares are the assets of Sergei Makhlai. Makhlai purported to rely on the 2019 judgment in Russia for that purpose. However, the independent expert opinion on Russian law which the BKITs have obtained is that the 2019 Judgment does not authorise or justify this. Consequently, anyone who buys the BKITs shares will be required to retransfer them, once the illegality of the auctions is established.
Two Russian companies JSC Khimaktivinvest (“KAI”) and Aktum LLC (“Aktum”) have applied for and have been granted approval from FAS to acquire the BKIT’s shares in ToAZ. The BKITs believe both potential bidders are connected to UCCU in numerous ways with KAI being part of the Uralchem group. The BKITs believe UCCU is behind the attempted take over as part of its corporate raid on ToAZ. The BKITs intend to take all steps to protect their shares and hold anyone who buys their shares liable.
The BKIT’s response to reiderstvo
Additionally, KAI and Aktum and any entity that seeks to purchase their ToAZ shares at auction is on notice of what the BKITs believe is the illegality inherent in the contrived and wrongful process. The BKITs will seek remedies against the bidders. They may also pursue any others who assist with the wrongful take-over of the BKIT’s ToAZ shares as part of the illegal and corrupt corporate raiding procedures.
Currently, the BKITs have been granted permission to add KAI and Aktum as defendants to the Irish proceedings. If these bidders obtain the shares at the auctions, acting as UCCU’s nominees, the BKITs believe this would be directly contrary to the undertaking given by UCCU to the Irish High Court to not enforce either ‘directly or indirectly’ the 2019 Russian Court Judgment against the BKIT’s ToAZ shares.
