Bank “Zenith” has not acquired the shares from its shareholder in accordance with the mandatory redemption on completion of the reorganization. The Bank believes that the failure of the monetary claims of the Issuer is a substantial basis for such action. Lawyers say that under the law the Issuer may not refuse the request of a shareholder on the redemption of shares in case of suspicion of causing losses to them.Last week the Arbitration court of Moscow refused to accept the interim measures to the Bank “Zenit” in relation to shareholder of the Bank. The head of the credit organization Alexander Tishchenko, acting on behalf and in the interests of the Bank, asked to take them in the form of Alasania Bank to make the transfer of funds to the company Gatehill Ltd in payment submitted for redemption of 1.14 billion shares. The volume of enumeration is estimated 856.8 million RUB based on the price of the ransom of 0.75 RUB. per share. Action was planned to take up “the entry into force of the decision on the claim,” Alexander Tishchenko, who feared the withdrawal of assets by beneficiary Gatehill Ltd Tatyana Shishkina.According to “Interfax”, on April 1, 2020, the Bank “Zenith” has occupied 32-e a place on assets (275 billion rubles). According to IFRS at this date, the main shareholders of the Bank was “Tatneft” and its affiliates (71,74%), Chairman of the Board Alexander Tishchenko (5,8%), member of the Board of Directors Vitali Lipanov (4,54%), Maria Sokolov (1.27 per cent) as well as the company Nabertherm Ltd., Rosemead Enterprises Ltd, Viewcom Finance Ltd, Gatehill Ltd, LLC “Danik”, in different shares owned by Tatyana Shishkina, Maria Sokolova and Sokolov Arkady.The need for purchase of shares from shareholders arose as a result of the Bank’s reorganization in form of accession to the subsidiary Spiritbank and the Bank “Zenit Sochi”, which took shareholders ‘ meeting on 2 March. Until may 16, Zenit were to buy back shares from those who voted against reorganization or not participated in voting. However, the Bank has not fulfilled its obligations to repurchase in the amount of 1,634 billion rubles “in connection with outstanding monetary claims of the Issuer exceeding a specified amount, to the beneficial owners… of the Issuer’s shareholders claiming that they were for the repurchase of shares, and controlled entities,” and also “submitted the claim to Arbitration court of a city of Moscow”.As said “Kommersant” in the Bank, the foreclosure was suspended until the dispute is settled in the framework of existing legislation “to protect the legitimate interests of all shareholders and investors”. In this case, from existing shareholders litigation instituted only against Ms. Shishkina. In the Bank, “Kommersant” reported that “with all the other shareholders of the Bank, the beneficial owner of which it is not, and who presented shares for redemption” transactions for the purchase of shares was made. Ms. Shishkin on to her in��point “b” is not answered.Lawyers pay attention to the rarity of such a case in banking practice. “Russian legislation does not contain provisions that allow the Issuer to refuse to implement the requirement of the shareholder about redemption of shares in case of suspicion of causing losses on the part of such shareholder,” says Paul Khlystov, managing partner of the eponymous law office. According to him, does not change the situation and the fact that earlier Ms. Shishkin was the person exercising control of the Bank. “The failure of the Bank violates the provisions of the law “On joint stock companies” and the shareholders shall have the right to address in court with the requirement obliging the Bank to buy back shares,” says lawyer law firm “Andrey Gorodissky and partners” Dmitry Yakushev. However, he notes that the court denied Mr. Tishchenko in the petition, but on the merits of the dispute pending final decision in the case the court did not make.The Central Bank did not respond to a request “b”.Olga Cherenkova