Word: surgut
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...firm, Surgutneftegaz (Surgut), and the University are embroiled in legal wrangling—initiated this summer—over dividend payouts for Harvard’s American Depository Receipts (ADRs), certificates representing shares in foreign companies. In June the University reported it held over three million ADRs in Surgut, worth about $130 million altogether...
...statement, Surgut said that Russian law makes Harvard’s attempt to arbitrate the case in America—rather than in the Russian Federation—illegitimate...
Harvard, on the other hand, asserted in its claim that the Deposit Agreement signed by Surgut in 1998 that enabled it to sell ADRs mandates that the arbitration must be conducted in the United States...
Harvard holds four percent of the preferred shares of Surgut. In total, 25 percent of Surgut is owned by preferred shareholders...
Kelleher said Harvard is attempting to gain leverage against Surgut in negotiations by applying for class-action status. If granted, class-action status would enable Harvard to act on behalf of all preferred shareholders. Harvard argued in its claim that all preferred shareholders suffered similar losses...