The majority shareholders of “Gemeni” SA, who have managed the company since 2019, and a number of minority shareholders said they became the target of a denigration and manipulation campaign that is aimed at exerting pressure on the Supreme Court of Justice and public opinion so that they are expropriated of the business they acquired legally, as bona fide purchasers. The concerns were incorporated into an open letter addressed to the senior administration and to the resident ambassadors of the U.S. and the EU.
In a news conference at IPN, Leonid Sidorov, the representative of the majority shareholders of SA “Gemeni” SA, said that in this case, the state, in the person of the governmental agent at the Ministry of Justice, does not protect itself appropriately and does not defend the state budget. By the decision of February 18, 2020 in the case of Ojog and others, minority shareholders owning 1.6% of the shares, the ECHR obliged the majority shareholders to transfer 36.55% of the shares in SA “Gemeni” to the state in exchange for the rooms or for the sum of €2 210 000. ‘”The authorities ignore the fact that the given shareholders flout the ECHR decision and cannot transfer 36.55% of the shares. Moreover, the governmental agent wants to take over the property of “Gemeni” SA, knowing that this way he exposes the state budget to pretentions of tens of millions of euros in international arbitration,” stated Leonid Sidorov.
He noted that the minority shareholders, owning actually 1.6% of the shares in “Gemeni” SA, aim to appropriate 72% of the business through the agency of their lawyer. They also mislead public opinion about the essence of the case and about aspects of maximum importance related to the current dispute examination stage. The given actions will not remain without an answer, while “Gemeni” SA will sue all those who disseminate false information about the given case.
“The Supreme Court of Justice is to pronounce on the revision application submitted on March 18, 2020 by the Republic of Moldova through the governmental agent to the European Court of Human Rights. De facto, by this revision application, they demand to liquidate the joint stock company “Gemeni”, to separate a portion of the shopping center “Gemeni” of about 72% of the total commercial area and to transfer this to a group of four persons – current minority shareholders of “Gemeni” SA. By the request to liquidate the company, they ask to dispossess the other 480 shareholders of the joint stock company “Gemeni” of their shares,” stated Leonid Sidorov.
According to him, instead of clarifying the relations, as the ECHR decision stipulates, the state and the minority group try to solve the problems on account of the current majority shareholders that are bona fide purchasers. For this goal to be achieved, public opinion is being manipulated and public pressure is being exerted on the SCJ. “We condemn this irresponsible attitude and state it openly that if the Supreme Court of Justice allows to be intimidated and will allow the given illegality, we will act promptly to defend our rights. The responsibility for the eventual punishment of the Republic of Moldova with €100 million will have to be assumed by the participants in these illegal and illogical actions taken in relation to us,” said Leonid Sidorov.
The signatories of the letter ask the senior administration and the embassies of the U.S. and the EU in Moldova to strictly monitor this case so as not to allow the illegality planned in relation to them to become a reality.
