QVT, Artradis Wins Court Injunction

Mar 6 2008 | 12:23pm ET

Activist hedge fund QVT has won an interim court injunction preventing Kazakhstan’s ATF Bank from using the UniCredit name or brand in its advertising. QVT, together with Artradis, a Singapore-based hedge-fund, is seeking fair value for its preference shareholdings in ATF Bank, following the acquisition of a majority stake by UniCredit subsidiary Bank Austria CreditAnstalt last year.

On Feb. 15, QVT filed a lawsuit against ATF Bank seeking to prohibit the bank from advertising itself as "a member of the UniCredit Group" and/or using UniCredit's logo and name in its advertising.  This week, the Specialized Interdistrict Economic Court of Almaty, Kazahkstan, issued a ruling imposing an interim injunction on ATF Bank.  In particular, the court mandated that ATF Bank must suspend the use of UniCredit's logo and/or its name in its advertisements until the court issues its final decision on the claim requesting to prohibit advertising of UniCredit by ATF Bank, a public company listed on Kazakh Stock Exchange.

“We are very pleased that the Kazakhstan courts have seen fit to support our application for injunctive relief against ATF Bank to prevent their premature advertising of the UniCredit brand in Kazakhstan,” Angelo Moskov, CEO of QVT said. “The approach of ATF and Unicredit to this issue seems typical of their 'lowest common denominator' approach to international corporate governance standards.”


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note