Andrei Gusev, a Senior Partner at Nordic Star Law Offices, assesses the chances of the Rusnano Capital fund filing an appeal in Vedomosti.
The assets of the British pharmaceutical company Ascension Healthcare Plc, which is owned by Rusnano, will be sold off under a forced sale order issued by the High Court of England and Wales.
In November 2024, external managers of Ascension Healthcare went to court to sell the assets of this company and three others with which it is part of the same Ascension Group, without Rusnano’s permission, according to the case documents. The group was on the verge of liquidation because of its inability to obtain external financing due to its ties to Russia, but Rusnano was in no hurry to sell its stake.
Rusnano owns more than 50% of Ascension Healthcare through its 100% Luxembourg structures – Fonds Rusnano Capital SA (the defendant in the managers’ lawsuit) and RN Consulting SA, but the exact shareholding is not mentioned in the court documents. In addition to the Rusnano subsidiary, the Ascension Group includes the UK-based Pro Bono Dio Entrepreneur Ltd, PBB Devices Ltd, Ascension Healthcare Development Ltd, whose assets will also be sold with the court’s approval, and two other Maltese companies – Cantab Biopharmaceuticals Patents Ltd and Sequeessome Technology Holdings Ltd.
The full version of the material is available by subscription on the Vedomosti website.