Thursday, 23 March 2017
Last updated 18 hours ago
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.”