Central Bank of Russia orders suspension of UGC stock trading amid Prosecutor General's lawsuit against major shareholder

MOSCOW. July 4 (Interfax) - The Moscow Exchange has suspended trading in shares of PJSC Uzhuralzoloto Group of Companies in all modes, the exchange said.

The suspension is based on an order from the Central Bank of Russia, it said. The reasons for issuing the order were not specified.

The press service of the SPB Exchange told Interfax that UGC shares remain available for trading.

On Thursday, it became known that the Prosecutor General's Office had filed a lawsuit demanding that the stake of the company's majority shareholder, Konstantin Strukov, in UGC itself (67.85%) and in UGC Management Company (100%) be transferred to state revenue. A preliminary hearing is scheduled for July 8, while the Prosecutor General's Office's motion for interim measures in connection with the lawsuit has already been approved. The basis for seizing Strukov's assets, according to the lawsuit, is a conflict of interest and violations of anti-corruption prohibitions and restrictions.