The court ruled that the restrictions imposed on Kolomoisky and Bogolyubov at JKX were unlawful.

by Editor • 03.12.2015 • 0 Comments

The UK Supreme Court ruled that restrictions imposed by the board of directors of JKX on its largest shareholders—Igor Kolomoisky and Gennady Bogolyubov's Eclairs Group (which owns 27,5% of JKX) and Alexander Zhukov's Glengary Overseas Ltd (which owns 11,45% of JKX)—were unlawful. The restrictions were imposed in 2013.

Therefore, the board's decision of 31 May this year to prohibit Eclairs Group and Glengary Overseas from participating in the shareholders' meeting on 5 June has been overturned, meaning that after 31 May the votes of these companies must be taken into account in all decisions regarding the activities of JKX.

In turn, the board of directors stated that this decision was made due to the lack of complete information about the voting agreements between their owners.

It should be noted that JKX owns the Poltava Oil Company in Ukraine. Neither party to the case has yet commented on the court's decision.

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