The FINANCIAL -- The company APS-Tsentr, which is controlled by the Russian businessman Vladimir Aleshin – the former CEO of the Luzhniki sports complex in Moscow – is taking legal action to challenge a decision taken during a shareholders’ meeting of the company Olimpiysky Kompleks Luzhniki to issue 100,000 new shares in favour of another shareholder – TsTK, which is owned by the city of MOSCOW .

As a result of the issue, APS-Tsentr’s stake in the Luzhniki centre was reduced from 24% to approximately 12%.
Mr Aleshin had been Luzhniki’s majority stakeholder. His family had a 58.61% interest until the spring of 2011, when Sergey Sobyanin, the mayor of MOSCOW , expressed an opinion that the sports complex should be owned by the city. The parties agreed that the stake would be sold to the city.

Sources at the city council have indicated that they did not expect APS-Tsentr to take legal action, as it appeared that an agreement between the city and the former shareholders had been reached.

As Russian Construction Review reported in September, the project requires an investment of RUB 50.3bn overall.

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