RPC UWC Updates Information on its Corporate Dispute Arbitration Process
PJSC «RPC «United Wagon Company» («RPC UWC» or the “Company”) (MOEX: UWGN) reports below the latest court rulings on the lawsuits filed against PRC UWC in connection with the resolutions passed by the Extraordinary General Shareholders’ Meeting held on 19 March 2018 (the EGSM).
On 15 August 2019, JSC IQG Asset Management and MANAGING COMPANY INVESTMENT MANAGEMENT, LLC have been denied by the Supreme Court of the Russian Federation to lodge an appeal of cassation against the Ruling dated 29/11/2018 passed by the Ninth Arbitration Court of Appeal and the Ruling dated 30/04/2019 passed by the Arbitration Court of Moscow on the lawsuit lodged against the Company by Roman Savushkin, its ex-CEO, with the Chamber for Commercial Disputes of the Supreme Court of the Russian Federation.
On 30/04/2019, the Arbitration Court of Moscow ruled to uphold the Ruling dated 29/11/2018 passed by the Ninth Arbitration Court of Appeal which declared void the resolutions taken at the Company's Extraordinary General Shareholders’ Meeting (the EGSM) that approved the Company’s acting as a surety to secure the liabilities of its subsidiaries under a series of freight car sale and purchase agreements.
This ruling reinforces the Company’s stance that its shareholders that were absent from, or voted against the above approvals at the EGSM, have no grounds to seek buybacks in this case.