The Central Bank is appealing the decision in the case of the withdrawal of shares of SMZ from private investors

The Central Bank of the Russian Federation plans to appeal the court's decision to seize shares of the Solikamsk Magnesium Plant (SMZ) from private investors. This was announced on October 21 by the press service of the regulator.

"The Bank of Russia plans to appeal the decision of the court of cassation to the Supreme Court of the Russian Federation. The Bank of Russia adheres to the position previously stated in the courts. According to the Bank of Russia, the provisions of the law on limiting the possibility of claiming property acquired at organized auctions are aimed at ensuring the stability of turnover and increasing the confidence of individuals in organized auctions," the regulator told TASS.

It is also noted that the confiscation of shares from private investors "undermines confidence in the financial market."

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The Arbitration Court of the Perm Territory on March 22, 2024, satisfied the claim of the prosecutor of the region to recover shares of SMZ from more than 2 thousand minority shareholders in favor of the Russian Federation. The case file states that registered shares of the SMZ with a nominal value of 0.25 rubles should be transferred to the Federal Property Management Agency.

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