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Improving russian corporate climate, investment support

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We provide services related to protection of shareholders’ rights, investment expertise, legal and consulting support. Our customers are Russian and western investment funds.

The mission of Myriad Rus is to improve the corporate climate in Russia. We partner with owners and management of public companies in order to ensure sustainability and transparency of their business for all shareholders, and create investment, corporate and judicial practices that directly promote investors’ trust in Russian companies.

Please visit downloads to read about shareholders rights and powers, and get other useful information

Expert appraisal of Russian companies for investment purposes

Expert appraisal of Russian companies for investment purposes

Expert appraisal of Russian companies for investment purposes

Financial analysis of companies, analysis of ownership structures, analysis of corporate law infractions and evaluation of legal risks, formulating a legal position for minority shareholders.

Advocacy of minority shareholders

Advocacy of minority shareholders

Advocacy of minority shareholders

Filing claims with supervising authorities and courts to protect minority shareholders' rights and interests, contesting dubious transactions, blocking assets disposals, representing minority shareholders in boards of directors, etc.

Consolidation of minority shareholdings

Consolidation of minority shareholdings

Consolidation of minority shareholdings

Building a legal framework for coordination between minority shareholders of a company. Developing a concerted action strategy for minority shareholders.

Resolving corporate conflicts

Resolving corporate conflicts

Resolving corporate conflicts

Building partner-style relationships with owners and management of public companies intended to ensure stability and transparency of their business for all shareholders. Finding win-win solutions for majority and minority owners.

Organising direct investments

Organising direct investments

Organising direct investments

Forming direct investment funds to finance transactions with illiquid assets. Raising both Russian and foreign short- and long-term funding. Sharing financial risks with partners.

Myriad Rus Ltd. seeks for the support of Gazprom ADR holders in a joint lawsuit over financial losses on South Stream

According to our experts, the Gazprom BoD decisions on the South Stream pipeline project in 2010-2015 could lead to a loss of around $2.2 bln to the company and its shareholders

In 2007-2012 Gazprom and a number of European countries were intensively negotiating about the construction of the South Stream gas pipeline. It began on 7 December 2012 and was to be finished in 2015 at the estimated cost of €16 bln. However, on 17 April 2014 the European Parliament adopted a resolution recommending to refrain from building the South Stream. In December 2014 the construction was officially suspended. Apart from foreign policy drawbacks, we believe there were also some internal corporate reasons for such developments. According to the open data released by Gazprom in the Interfax portal from April 2010 to January 2015, the Board of Directors took some South Stream-related decisions, but their gist has never been disclosed since 2010. It may safely be said that annual meetings of Gazprom shareholders did not pass any decisions related to this project.

At the same time, Gazprom consolidated IFRS financial statements demonstrate that the company recognized impairment losses on the facilities under construction in the amount of ₽56.347 mln in 2015, ₽45.978 mln in 2016 and ₽49.617 mln in 2017. Thus, Gazprom’s total losses resulting from the suspension of South Stream reached ₽151.942 mln which was equivalent to $2.2 bln on 23 August 2018. We suppose that the “classified” Board of Directors decisions on the South Stream could lead to losses to the corporation and its shareholders. However, in order to prepare the case for any lawsuit on this issue, Myriad Rus needs to request all BoD decisions for the aforesaid period to show causality between them and losses suffered. Russian laws entitle shareholders aggregating at least 1% of shares in a public joint-stock company to require access to such information. According to the Gazprom 1998 Ordinary Shares Prospectus, the legal status of Gazprom APD holders (approximately more than 27% of the total number of its ordinary shares) is equivalent to the corporate rights and responsibilities which holders of Gazprom ordinary shares enjoy.

Today we are seeking for the support of Gazprom ADR holders in maintaining corporate interests and welcome them to join our information request. For our part, we are ready to ensure legal support for this request in Russia, coordination of participating shareholders, preparation of all necessary documents and actions.

For any enquiries you might contact Alexander Klimenko, Myriad Rus Executive Director

Address: office 105, 11 Gogolevsky boulevard, Moscow 119019


Telephone: +7-495-565-38-80

Request to provide information you may download in «Download documents»

Learn More About The Claim Against Gazprom

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Andrey Dekalchuk

General Director, OAO TITAN-2

«After many years of working with that company, our impressions are but favourable. We look forward to continuing our fruitful co-operation with Myriad Rus».

Arsen Egazaryan

Director, OOO SpectrInvest

«Myriad Rus is run by a wonderful team of young professionals who come up with effective and out-of-the-box solutions for complicated shareholder issues. I would recommend that company’s services to anyone who is in the market of non-liquid assets».

Philipp von Bernstorff

Portfolio Manager Vulpes Russian Opportunities Fund

«The Myriad team is highly professional with a strong ethical believes. We will continue working with them on our projects».

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Accomplished projects

Уральский банк реконструкции и развития
Банк Таврический
Альметьевский трубный завод
Газпром Геофизика


The most recent information (in september 2018 updated)

26.07.2018 | Gazprom Gazoraspredelenie Voronezh minority shareholders blocked ₽1.6 bln loan to Gazprom Mezhregiongaz, its parent company

Minority shareholders of Gazprom Gazoraspredelenie Voronezh JSC (a company which specializes in natural gas transportation and pipeline building in Voronezh region) voted 67 percent against lending ₽1.64 bln to Gazprom Mezhregiongaz LLC in the extraordinary general meeting. The Board of Directors determined a loan interest rate on the level of 0,8 of the Bank of Russia’s interest rate on the day of transfer, documents say.

Full version (in Russian only)

05.04.2017 | Minority shareholders of PJSC “Gazprom” have required assistance of “Rosneftegaz” in order to take “Oblgaz” out of “Gazprom’s” control.

“Rosneftegaz” owns almost 11% of shares of PJSC “Gazprom” being one of the principal State representatives among shareholders. We are sure that “Rosneftegaz” will help us to seek compensation from the Management Team of the Company for the withdrawal of the big structural subdivision.

Full version (in Russian only)

29.03.2017 | Minority shareholders of PJSC “Gazprom” have required the Federal Agency for State Property Management to assist with the removal of "Oblgaz" out of control of “Gazprom”.

The Russian Federation is the principal shareholder of PJSC “Gazprom”. This is why the removal of the regional subdivision out of control of so-called “National Treasure of Russia” will have drastic effect on the interests of the country. We hope that the Federal Agency for State Property Management will join our lawsuit.

Full version (in Russian only)

28.03.2017 | Good redemption deserves fair compensation.

As Minority Shareholders believe basing their opinion on Russian legislature “Gazprom” should have offered them to buy its shares of “Oblgaz”. But that has never been done causing to Boreas loss of profit of 11 million rubles. Therefore Minority Shareholders are going to punish “Gazprom” for non-compliance with Russian laws but experts think that it would be very difficult to prove that any damage…

Full version (in Russian only)

24.03.2017 | Minority Shareholders require recovering loss in the amount of 11 million rubles caused by “Gazprom”.

The lawsuit was filed to the Moscow State Commercial Court 23 March (the copy of the document is at disposal of RBC-NN). The date of hearing has not been established yet. “Boreas Asset Management Ltd.” insists that the reason of such loss of profit was that that while the transaction of sale of 25,5% of voting shares to the affiliated company was in process…

Full version (in Russian only)