Russian Government Nationalized Metafrax Chemicals Seizing 94.2% of Its Shares
The Commercial Court of the Perm region canceled the decision on the privatization of the Metafrax Chemicals enterprise. Thus, the court satisfied the claim of the Prosecutor General’s Office to recognize the privatization of the Russian producer of methanol and formaldehyde as illegal.
In particular, the court decided to reclaim in favor of the Russian government ordinary shares of Metafrax Chemicals: 802,299 shares from Metafrax Trading and 281,672,929 shares from Metaholding. In total, these stakes account for 94.2% of the company. The court ruling came into force.
Lawyers for the shareholders of Metafrax Chemicals consider the court decision to be unfounded and are planning to file an appeal.