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Moscow’s court terminates proceedings on the claim to challenge the deal with diamond miner AGD

02 august 2022
(INTERFAX.RU) - The Moscow Arbitration Court has terminated proceedings on a lawsuit contesting the deal for the sale of diamond miner AGD Diamonds, as it follows from the court files.
In 2017, LUKOIL sold this asset to Otkritie Industrial Investments LLC (an entity of the bankrupt Otkritie Holding) for $1.45 billion.
In 2020, Russia’s Federal Antimonopoly Service (FAS) demanded that the deal be reversed, since Otkritie Holding, when buying AGD, concealed from the agency that Otkritie had three shareholders of foreign citizenship. In addition, according to FAS, the transaction was overpriced double its value. Considering that the main asset of the holding at that time was Otkritie Bank, which a few months after the transaction was subject to reorganization, the disputed transaction may cover the withdrawal of the bank's funds in favor of the beneficiaries of the holding with foreign citizenship, the FAS opined.
The controversial transaction was partially financed by VTB by issuing a $873 million loan to Otkritie Industrial Investments. In this regard, the state bank participated in the process as a third party.
The parties planned to conclude a settlement agreement.