Arbitration Court returned 95.72% of Bashkir Soda Company shares to state

The Arbitration Court of Bashkiria satisfied the claim of the Prosecutor General's Office of Russia on the withdrawal of JSC Bashkir Soda Company shares from illegal possession in favor of the Russian Federation, the press service of the Prosecutor General's Office reported.

In August of this year, the General Prosecutor's Office of the Russian Federation conducted an audit in connection with the loss of state control over the assets of JSC "BSC". According to the prosecutor's office, the inspection revealed violations of the legislation on privatization, and the transfer of rights to the property was made against the will of the Russian Federation.

The Prosecutor General's Office filed a claim to the Arbitration Court of the Republic of Bashkortostan to reclaim property from illegal possession. Today, December 4, the Arbitration Court of the Republic of Bashkortostan completed the consideration of the claim. The representative of the Federal Property Management Agency supported the claim. The court decided to satisfy the claim of the Prosecutor General's Office of the Russian Federation in full.

According to the Prosecutor General's Office, as to a court decision in favor of the Russian Federation, 95.72% of ordinary registered shares of Bashkir Soda Company JSC were claimed from illegal possession of Regional Fund JSC, Bashkir Chemistry JSC, and Bashkir Chemistry Trading House LLC. The court also ordered Reestr JSC and URALSIB Bank PJSC, which are respectively the holders of the register of shareholders and the nominal holder of shares, to write off these shares from the accounts of the defendants and credit them to the personal account of the Federal Property Management Agency.

As the Government informed the Bashinform News Agency of Bashkiria, the previously announced position of the Head of the Republic on this issue has not changed.

According to the Head of Bashkortostan, after the completion of court procedures and a decision on the corporate governance format, the company should pay special attention to the modernization of production and environmental policy.