Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
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
3 Answers
- OirdneLv 71 decade agoFavorite Answer
Hi, Dare. You give more and more information!!! As I understand now the problem is to register the shares on his name. Did you see what I wrote before? He has to go not to Lukoil but to registrator of Komineft (http://www.rcnikoil.ru/). As i wrote this company exists now. Lucoil and Comineft are DIFFERENT companies. Nobody apply Lukoil prices on shares of Komineft!!! Your friend is deeply misinformed.
Did he visit registrator? The only way is to do it.
No one company in Russia nowadays will give anybody share sertificates, because according to legislation there is no PAPER FORM of shares any more. Only electronic form - it means registrator of the company makes changes in registry of shares. They change names of owners. And they don't give any sertificates.
As for London court, its decisions doesn't have any influence on Russian companies and they are not obliged to comply with them, because if company is registered on the territory of Russia it has to work under Russian legislation. London court likes to decide what Russian companies should do on Russian territory.
If you answer - yes on the question that your friend went to registrator of Comineft and they refused then the question is why? Does he have an agreement with previous owner? Was this agleement concluded according to Civil Code? Or there are mistakes? Where did the prevoius owner receive these shares? Did he buy them correctly? Is there name of prevous shareholder in registry of shareholders? Where exactly the problem is?
-----------------------------
I wrote this before:
"Komineft (ОАО "Коминефть") DOES EXIST now. Let your friend check this link:
http://lukoil-komi.lukoil.com/main/static.asp?art_...
It is still the same company as it was established in 1993 (he may read it in Statut of the company).
Just its owner is LUKOIL. As it could be Mr. X instead of Mr. Y.
Their registrator: http://www.rcnikoil.ru/
Rights of share owners depend on type of shares (he can read in Statute of th Company).
Also he can read about obligations of the company. Idea the same as I answered before - they are not obliged to buy their shares. Difficulty to sell shares of this company is that they are not listed on any stock exchange. That is why there is no any sertain price of shares. If somebody agree to buy them for 1 penny it will be the price.
Shares of Komineft is not the same as shares of LUKOIL.
The only way for you friend is to find a company who will agree to buy these shares. He should just take a list of phones of brokers and investment companies and call them and ask - do you want to buy shares of Komineft?
That is all."
- BIll QLv 61 decade ago
You describe two different stories, so it is hard to give advice
1) He got the shares from someone who owed him money but could not pay.
2) Your 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.
Which is it?
- Anonymous1 decade ago
Anyone who invests in Russian companies is taking a huge risk. There is no effective rule of law there.
