CEO says SPB Exchange has no plans for liquidation, bankruptcy

MOSCOW, Nov 30 (PRIME) -- Russia’s SPB Exchange does not intend to conduct neither liquidation nor bankruptcy proceedings, CEO Yevgeny Serdyukov said on Thursday.

“In the context of the news I would like to note that neither liquidation nor bankruptcy are in our plans. SPB Exchange will continue to develop and in the future will conduct trading in Russian rubles. We are preparing to launch a number of new projects, which should start early next year,” he said.

On Monday, the Moscow Arbitration Court registered an application for SPB Exchange's bankruptcy. The exchange said in a statement that did not filed such an application. Later the court reported that it returned the bankruptcy application to SPB Exchange.

The shares of the exchange in the morning on Monday after the news fell by almost 35%, but then quickly corrected and at the end of the day fell by 10%.

Serdyukov said, “We have requested copies of falsified documents and are preparing an application to law enforcement authorities to investigate the incident.”

SPB Exchange expects to receive permission from the U.S. Treasury Department to withdraw client assets, he also said.

“We are working with a team of international lawyers who are sanctions specialists. Together with them, we are developing several different scenarios for unblocking client assets. Our main strategy is to work with the U.S. Office of Foreign Assets Control – this organization is better known as OFAC,” he said.

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