The decision of the Arbitration Court of the Krasnodar region, which denied the participants of the Central House of Trade House in the cancellation of the transaction of purchase and sale of the building of the Krasnodar Central Department Store, entered into force. The shopping center in the city center was sold in 2015 to businessman Alexander Izmailov for 50 million rubles, now the building is owned by the heirs Margarita Mustafa, who owned clothing stores Angel Boutiques. According with lawyers, minorities have little chance of canceling the deal in higher instances.
The Fifteenth Arbitration Appeal court upheld the decision of the Krasnodar Arbitration, which denied the participants of the Central House of Trade in recognizing the illegal transaction between the Central and Alexander Izmailov. In 2015, the property of Mr. Izmailov passed the building of the Krasnodar Central Department Store with an area of 2.8 thousand square meters, utility rooms, as well as a plot of 0.2 hectares. The group of minority shareholders of Central Railroad (owning a share of less than 1%) asked the court to return the property to the company, obliging the management of Central to return Mr. Izmailov spent 50 million rubles during the transaction. According to the plaintiffs, the transaction was committed in violation of the law: the owner of 99% of the shares of Central Marianna German, who approved the transaction, according to them, was the wife of Alexander Izmailov, and therefore the purchase and sale of the building had to be formalized as a bargain with interest, which implies a special procedure for the approval of the transaction by the company's participants. Minorities estimated the sale of the building as a loss-making transaction, which led to the loss of their rights to property. Alexander Izmailov during the process did not recognize the claims of minority shareholders, explaining to the court that the marriage between him and Mrs. Herman was terminated in 2003.
Krasnodar Central Department Store was built in 1953, a three-story building is located on the central street of the city. In 2015, the construction company Meriton (linked to Alexander Izmailov) reported on the intention to reconstruct the building, turning it into a commercial and office center, the investments were estimated at 70 million rubles. Today the trade object does not work. As follows from the case materials, the owners of the Central Department Store are Melissa Mustafa and Maxim Neugasimov, the heirs of the Krasnodar entrepreneur Margarita Mustafa, who died in March last year. Ms. Mustafa was the creator and owner of the Angel Boutiques (branded clothing). Mrs. Mustafa bought the building of the Central Department Store in early 2016.
According with the opinions of lawyers, the likelihood of successful appeal of the court decision in higher instances of minority shareholders is extremely small. Konstantin Serdyukov, Head of Private Law Practice, National Law Company “Mitra”, believes that the arbitration justifiably pointed to a number of circumstances that preclude the satisfaction of the claim: the lack of interest of the majority participant, the lack of evidence of significant violations of the law during the general meeting of participants that approved the transaction, the election by minority shareholders of improper means of protection in circumstances where ownership of disputed real estate Went to third parties.
Material were taken from “Kommersant”
