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The performance from year to year

Maintenance of corporate control over the subsidiary company owning a promising oil field

Objective

Our client is a parent company in relation to the company (51% of shares), which is licensed for exploration and production of oil for new promising deposits. The client requested us for assistance in a dispute with the second participant of the subsidiary company, which owns 49% of the shares. The second participant tried to obtain corporate control over the subsidiary company through the acquisition of 4% under a fictitious preliminary contract of sale and purchase. We were tasked with maintaining the control of the client over the subsidiary company.

Decision

We have been handling the case since the beginning of the trial. At the beginning of the legal process, the court formed a negative attitude towards our client, since the case was seen by the court as quite ordinary: related to the dissatisfaction of the major participant with the loss of control. We were able to fully change the course of the case and successfully make the court see a complex legal position. For this purpose a large amount of evidences was submitted to the case, including notarized corporate correspondence, witnesses questioned, evidences from the tax authorities and credit organizations as well as expert review of the documents performed for prescription period. The courts of the first instance and the court of appeal agreed with our position and refused to satisfy the claims of the second participant.

Result

The client managed to maintain the corporate control over the asset (promising oil fields) valued at over 3 billion rubles.

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