Sergei Bakeshin commented to DP on the conflict between LOMO’s major shareholders

Vasily Ilyichev, who owns a blocking stake in JSC LOMO, has initiated a lawsuit to recover 98.8 million roubles in damages from the company’s CEO Alexander Aronov. The basis of the dispute was 19 transactions for the sale of real estate, which, according to Ilyichev, caused damage to the joint stock company. It should be noted that at the same time the arbitration court is considering a dispute about the invalidation of the sale of the pension pension “Neva” made by LOMO, in which the parties managed to reach an amicable agreement.

Sergei Bakeshin, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, drew the attention of Delovoy Peterburg to the fact that corporate conflicts usually have direct legal consequences. “For example, a conflicting shareholder may refuse to provide collateral under the company’s loan agreements, which would prevent the restructuring of loans or make them more expensive. Loan contracts may contain clauses on early loan repayment in case of major lawsuits against the CEO acting as a guarantor. In the worst case a corporate conflict leads to bankruptcy of the company”, the expert explained.

According to Sergei, it is difficult to say how the situation with LOMO will develop. “The amicable settlement of the dispute over the deal with Neva shows that the parties are ready to compromise,” the expert stressed.

Analyzing the impact of the dispute on LOMO’s operations, Sergei Bakeshin noted that “the corporate dispute should not directly affect government contracts. But government contracts are usually accompanied by deals with banks, such as loans, bank guarantees, etc. Their conditions may deteriorate”.

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