The Arbitration Court of Moscow has ordered the company…
The Arbitration Court of Moscow has ordered the company 'Sirena-Travel', which manages Russia's largest airline booking system Leonardo, to cease the powers of its current board of directors and elect a new management team within 75 days.
Consensus
- The Moscow Arbitration Court ordered 'Sirena-Travel' to replace its board of directors within 75 days.
- Rosimущество is the majority shareholder following the nationalization of 85% of Sirena-Travel's shares.
- The court ruled that the decision must be executed immediately.
- Sirena-Travel failed to hold a meeting of its current board due to inability to contact most directors.
- Rosimущество initiated the legal action demanding a new board election.
Points of divergence
- The court placed all associated costs of organizing the shareholder meeting on Sirena-Travel itself, while Rosimущество is responsible for organizing it. — kommersant
- Sirena-Travel claimed that only one director attended the board meeting due to outdated contact information. — fontanka
- The company was previously under hidden foreign control and involved in intentional bankruptcy of a state enterprise. — kommersant
- In February, the Nizhny Novgorod District Court approved the prosecution's request to transfer assets of Sirena-Travel’s owners into state ownership, including the Novotel hotel building and units in VALO complex. — fontanka
Coverage (2 sources)
- Developer of the Leonardo booking system ordered to change leadership — Коммерсантъ
- Leonardo Board Called to Step Down: Company Must Elect New One Following Nationalization — Фонтанка