Russian shareholders of public corporation Sukno got robbed and asked to pay more

The share of Russian stakeholders of the public corporation Sukno was artificially decreased from 35 to 20%.

The Belarusian party also demanded the Russians to pay $40 million more as their contributions to the corporation’s authorized capital stock. Otherwise, they would lose even what they have today.

A concern Bellegprom has prepared a draft resolution by the ruler on state investments in the public corporation Sukno, PRIME-TASS news agency reported referring to a shareholder of the enterprise. According to the draft document, the state is planning to add another $80 million to the authorized capital stock. Therefore, the Russian shareholders will need to invest an amount proportionate to their share – around $40 million – in order to save their share. They expressed deep bewilderment due to such a course of events, Narodnaja Vola reports.

“We believe that such issue must be solved by the stockholders’ meeting. It also should consider the question of how the funds would be allocated: by the means of an additional emission, the growth of the price of the shares or a state’s investment in the equity capital. Also there must be the approval of the three main types of shareholders – the state, Russian shareholders and the representatives of the staff”, - enterprise’s Russian stakeholders say.

Although, the Russians are already familiar with how such decisions are implemented. They have recently tried to appeal to the Supreme Court to get back their 34,9776%, which had decreased to 19,7868% due to an additional emission carried out by the public corporation. The Russians claimed that the decision on the additional emission could not be legal since it was unclear, when and by whom it was taken. The Belarusian party in regard to this could only tell that the documents from the respective meeting of the shareholders were destroyed by a pipeline outburst.

The Supreme Court considered such an evidence convincing.

Now they want to get another $40 million from the Russian shareholders, who believed the stories of excellent conditions, created in Belarus for business.