Russia’s central bank said on Wednesday it had sent a letter to the state property agency asking it to offer a mandatory buyout to minority shareholders in gold miner UGC.
The statement confirmed an earlier report by Reuters about a legal violation by the government, which failed to make the offer after seizing a majority stake in UGC.
“According to current legislation, when acquiring a large stake exceeding 30% of shares, the shareholder is obliged to offer minority shareholders the opportunity to sell their securities,” the central bank said in comments mailed to Reuters. “The Bank of Russia, in accordance with its authority, ensures that these corporate rules are observed.”
(By Elena Fabrichnaya and Gleb Bryanski; Editing by Mark Heinrich)
