The Moscow Arbitration Court denied the interim seizure of Qiwi shares on behalf of the Deposit Insurance Agency in the case against the firm’s owners. The update comes from Interfax.
After the court ruling, Qiwi stock on the Moscow Exchange rose by 6.41 percent to 224 rubles per bond around 18 19 Moscow time. By 19 50 the rise moderated to 3 8 percent, translating to about 215 5 rubles.
The DIA filed the request to seize Qiwi shares on March 18 as part of a broader legal move connected with the agency’s suit against Qiwi plc and Fusion Factor Fintech Limited. Earlier, on March 4 the agency filed suit to challenge the share sale agreement and to invalidate the share pledge and related encumbrance agreement.
In January 2023 the Qiwi group exited its Russian assets, including QIWI Bank, selling them to the Hong Kong based Fusion Factor for 23.75 billion rubles. The contract allows Qiwi to transfer the Fusion Factor and Qiwi JSC shares if the buyer does not complete payment in full.
On February 21 the Bank of Russia revoked the license of QIWI Bank for violations of regulatory requirements and anti money laundering laws. An interim administration was placed at the bank and its duties were shifted to the Deposit Insurance Agency.
Earlier, Nabiullina explained the reasons behind the license revocation for QIWI Bank, outlining the regulatory breaches that prompted the move.