Shares in Russian Company who not paying out!?
My friend has shares in a Russian Oil company and they are refusing to honour the debt, I think he is trying to sell them and they are refusing, saying they are not valid or something. He has even been to the High Court in Russia and they too say the shares are good and should pay him the money, but they still refuse to do so! What can my friend do? Should he go back to the Court, can they enforce their judgement, like over here in UK when you send the Court bailiffs down?
To ?: He got the shares from someone who owed him money but could not pay. When he tried to dispose of the shares, the company, Lukoil, said nope-sorry! Since then, Lukoil have got tons of info on their website about how well they look after their shareholders etc, only since they've started to get tons of bad publicity for doing the same with other people who have tried to sell their shares. My friend just wants the money, apparently the shares are worth more now. Like I said, even the Russian Court backs him.
I have more info: My friend bought the shares in a company called Kommineft, which had its own share price (as you do), then Kommineft was taken over by Lukoil, and share prices went up. My friend's shares increased in value but Lukoil, who are now Kommineft in every way and Kommineft no longer exists, is refusing to pay the share increase price. Is there a litle more help for me?
HI Bill Q: sorry for the confusion: my friend bought the share certificates from someone who owed him money. The shares were in a company called Komineft. That company was taken over by Lukoil. When my friend tried to have the share certificates registered in his name, as he had to, Lukoil refused to do this. It is now Lukoil htose shares are in and the Lukoil share price applies. Apparently, Lukoil did the same with other shareholders too, I even found articles on the net about how lawless Russina company law is, the whole realm is mired with scandals! My friend is just an innocent bystander caught up in this mess. The High Court in London said the shares are valid and should be honoured, Lukoil in Russia has been stalling my friend, every now and again the pretend they are going to settle, but then leave him habging. Other dogged shareholders did not give up the fight and did get the settlement they wanted, but my friend does not have that kind of money. Is there any law he can use o