Wednesday, September 8, 2010

National Depository of Ukraine declared the illegality of the transfer of complete property complex of MFS to VDTSB

Wednesday, October 14, 2009, 21:16
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National Depository of Ukraine (NDU) accuses the Ukrainian National Securities Depository (VDTSB) in illegal transfer of complete property complex of OJSC Interregional Stock Union (MFS, both - Kiev).

reportedly released in the official circulation of NDU to professional participants of the market on Wednesday, the transfer of the property complex, as well as the transfer of all rights and obligations to MFS VDBTS made questionable in terms of legislation, techniques.

As a result of the transfer of complete property complex of the IFF, in fact the transfer took place in VDTSB insider information that contradicts the requirements of Part 1 of Art. 45 of the Law of Ukraine On securities and stock market, and the transfer of information on the integration of registered securities without the written permission of the owners of the information - customers depositary MFS, contrary to the requirements of Part 1 of Art. 42 of the same law, - emphasized in treatment.

In addition, the treatment noted that NCO had to resort to the courts for review of MFS and VDTSB and not in connection with the raiders' intentions to implement actions, as characterized by certain officials VDTSB.

In fact, the process of merging two organizations led to the fact that on the one hand MFS Depository no longer has the technical capacity to provide depository and clearing and settlement services, and on the other - the newly formed structure, has no legal basis to provide services to clients with MFS, - the document says.

therefore NDU encourages professional participants of the market, Ukrainian companies-issuers and investors to pay attention to the fact that the operation VDTSB without renegotiation of the contract is contrary to applicable laws and questioned the legitimacy of such operations.

reportedly MFS on October 12 to transfer a complete property complex VDTSB.

According

VDTSB, the transfer was made in accordance with the prisoners on August 27 this year lease.

Thus, from October 12 to all operating activities, which was held by MFS, is carried out exclusively VDTSB.

OJSC MFS was created in March 1997, licensed depository number 1 was at the end of that year. Depositary has become the recipient of technical assistance to the United States. Its largest shareholders are PFTS Technical Center - 9.943%, First Ukrainian International Bank - 6.25%, Oschadbank - 6,25%, Investment Company Business-Invest - 6.8182%, Ukrsotsbank - 5,97%, Privatbank - 5 , 97%, FC Gambit - 5.114%.

addition to MFS, in Ukraine there are two working Depository: National Depository of Ukraine with a state share of 86% and depository of government securities of the National Bank. Clients of MFS at the end of September was 293 custodian, NDU - 99, the volume serviced by MFS depository assets exceeding 366 billion UAH, while NDU - 17billion UAH. At the same time, MFS began commercial work over 10 years ago, while NDU - about two years ago.

Repeated calls to the NDU and MFS unite or agree on creating a central depository in another way in previous years ended in vain. Therefore, in 2008, supported by the previous leadership SCSSM attempted to resolve the dispute involving the National Bank of Ukraine, speaking the largest founder of a new depository VDTSB in April 2008 with a share of 25%.

addition it was founded 21 major Ukrainian bank, the Ukrainian Interbank Currency Exchange (Interbank Currency Exchange) and the Stock Exchange PFTS. Moreover, each bank and UICE received an equal share in the depository, except for Ukrsotsbank, which from its package gave 1% to enter the number of founders stock exchange PFTS.

Constituent Assembly immediately appealed to the shareholders of MFS with the proposal of a merger, given that about 60% of its share capital owned by shareholders of MFS. As a result, MFS shareholders in late February 2009 a majority vote approved the sale of a complete property complex depositary VDTSB. That, in turn, to join MFS carried dopvypusk shares.

As a result of additional share issue approved by the shareholders' meeting VDTSB September 10, this became the owner of depositary shares of 97% of MFS. In addition, it was decided to reorganize into a public joint-stock company and formed a new supervisory board VDTSB on a quota basis: four representatives from banks and non-bank custodians, three - from the National Bank of Ukraine, one - from SCSSM and two - from stock exchanges.

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