Russian Court Turns Down Shareholder Claim Over Transneft Dividend

Reuters

MOSCOW, Nov 18 (Reuters) - A Moscow arbitration court has turned down a claim by a minority shareholder in Russian oil pipeline monopoly Transneft who had alleged that the dividend payouts were too low, the shareholder said on Friday.

The claim was lodged by private investment group United Capital Partners (UCP). It related to dividends paid out by state-controlled Transneft in 2013.

"We are confident we are right. The verdict has not taken legal effect yet and we will launch an appeal," a UCP executive told Reuters.

A higher dividend was paid out in 2013 on Transneft ordinary shares, held in their entirety by the Russian state, than the payout to holders of preferred shares, which are owned by private shareholders.

Transneft stock is widely held by emerging-markets and Russia-dedicated funds. Its preferred shares, issued as part of a privatisation in 1995-1996, account for 22 percent of its equity.

(Reporting by Vladimir Soldatkin and Katya Golubkova; Editing by Christian Lowe)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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