Russian Prosecutor General demands expropriation of TGK-2 shares

VORONEZH. July 6 (Interfax) - The Russian Prosecutor General's office has petitioned the Leninsky District Court in Yaroslavl to expropriate shares in the TGK-2 generating company, the company's press office told Interfax.

Interim measures were taken against the company during the litigation. The press service did not specify the nature of the measures.

Earlier on Thursday, TGK-2 said the restrictions imposed by the district court prevented the registrar, Reestr-RN LLC, from summing up the results of voting at the AGM on the distribution of profits and payment of dividends for 2022 and election of the board of directors.

"TGK-2 continues to operate and carry out preparations for the autumn-winter period," the press service said.

The court says on its website that the petition was filed and registered on June 28. The plaintiff is the deputy prosecutor general and the respondents are Kostroma Kogeneratsiya Limited, Janan Holdings Limited, Raltaka Enterprises Ltd., Litim Trading Limited, LLC Kores Trade, Leonid Lebedev and LLC Debt agency.

The shares of all respondents except Kostroma Kogeneratsiya Limited are currently in the trusteeship of LLC Sovlink.

The next court heating is due on July 14.

Sovlink LLC owned 57.8% of TGK-2 as of the end of H1 2023 according to the list of affiliates. Kostroma Kogeneratsiya Limited had 23.86%.

TGK-2 includes generating companies located in the Arkhangelsk, Vologda, Kostroma, Novgorod, and Yaroslavl regions, respectively, of Russia. Installed capacity is 2.45 GW of electricity and 8,800 Gcal/h of heat. TG-2 operates 12 combined heat and power plants, 30 boiler plants and four heat networks enterprises.