euronews / panoramaaudiovisual.com
Russia's state media holding VGTRK confirmed on Thursday that its 7.5% stake in the French company Euronews S.A., the operator of the international news channel Euronews, was seized under lawsuits filed by former Yukos shareholders, Russian information agency RBC reported citing a Russian official.
Euronews representative Sophie Bourget did not comment on RBC request. Director of GML (formerly Group Menatep Ltd) Tim Osborne, representing interests of former Yukos shareholders, was not available for comment on Wednesday.
The arrest imposed on the shares owned by the Russian state media holding has neither affected the activity of Euronews, nor those of VGTRK, said a source close to the French broadcaster. However, a partner of King & Spalding law firm, Ilia Rachkov, noted that the seizure of assets would imply at least "the inability to dispose of these shares, i.e. to alienate them, transfer the right of property."
Read alsoGazprom fears potential litigation with Yukos' ex-shareholders"The rest depends on the court decision," he added.
According to Rachkov, the arrest may also mean prohibition to provide the shares as collateral, vote, or receive dividends on them, etc.
However, regardless of the court decision, Euronews shareholders could not be optimistic about dividend payments. According to the France’s public source of information about the businesses, net loss of the French broadcaster reached almost EUR 10.5 million in 2014 with revenue of EUR 51 million. In 2013, Euronews posted net income of EUR 1.1 million with the profit totaling almost EUR 52.5 million. The financial statements of one of the shareholders of France Television channel stated that the company's loss from its interest in Euronews amounted to EUR 1.8 million in 2014 against EUR 0.2 million in profit in 2013.