Repurchase of shares of Yuzhuralzolot's minority shareholders: how will the dispute between the Ministry of Finance and the Central Bank end?

In July, the court nationalized the shares of the gold miner Yuzhuralzoloto Group of Companies (YUGK). In October, the Central Bank demanded that Rosimushchestvo, as the new owner of a large block of shares, make a mandatory offer to buy out securities from minority shareholders. The law obliges to send an offer within 35 days, but the federal agency has not yet done so. The Federal Property Management Agency replied that the legislation does not provide for such a mechanism, and the agency's actions are strictly limited by the Budget Code. The Ministry of Finance agreed with this.

The Law "On Joint Stock Companies" obliges persons who have acquired more than 30% of the shares of a public company to send an offer to the remaining shareholders to buy back their securities. The law does not provide for exceptions for authorities or individuals who have received a large package as a result of a court decision, says Oksana Orlovskaya, an adviser to the Corporate Practice at M&A ALUMNI Partners. At the same time, there are no regulations governing the procedure for the acquisition of shares by the Federal Property Management Agency on the basis of an offer, and the corresponding expenditure items are not provided for in the budget for this year. Therefore, the Federal Property Management Agency has no real opportunity to comply with the Central Bank's order, the lawyer explains.

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