Ukrsotsbank Denies Violations.

Ukrsotsbank has denied violating the rights of its minority shareholders, including Cyprus-based Tempsford Investments (owner of a 7.6% stake in the bank), during its USD 60 mln statutory capital increase. According to Ukrsotsbank’s Board Chairman Borys Tymonkin, Tempsford Investments and other shareholders participated in the purchase of the additional shares during the first stage of the statutory capital increase but representatives from Tempsford Investments arrived late to sale of about 3% in additional shares that was left over from the second stage. Last week Tempsford Investments announced that it was planning to mount a legal attack to block the increase in the bank’s statutory capital because the company’s rights had been violated during the sale of the additional shares. Concorde Capital:  The details are still a bit murky, but it looks like the same old story, majority shareholders always have an advantage over minority shareholders when it comes to being on time for the second subscription as they hold all the cards.