A Dutch court has denied all claims made by SBK Art and confirmed all decisions the Fortenova Group Assembly made on Thursday, Fortenova said in a press release on Friday.

“The Enterprise Chamber of the Amsterdam Court of Appeal today dismissed all claims made by SBK Art (“SBK, sanctioned entity controlled by Russian Sberbank and holder of 42.5 percent equity interest in Fortenova Group) thus confirming yesterday’s decisions approved at the DR holders’ assembly of Fortenova Group in the Netherlands,” said a press release.

The Dutch judiciary has thus also confirmed the positions taken in the decision of that same Amsterdam Court of Appeal in December 2022 and has prevented sanctioned parties from influencing the management and decision-making in Fortenova Group, according to the press release.

“This decision is a reaffirmation of Fortenova Group’s legal stances and its dedication to abiding by international sanctions while preserving the value of the company. We are pleased that the Dutch judiciary recognized and protected the majority of non-sanctioned equity holders of the Fortenova Group. The Fortenova Group will commence the implementation of the decisions of its non-sanctioned equity holders,” Fabris Perusko, reappointed member of the Board of Directors and CEO of Fortenova Group, was quoted as saying.

The Fortenova Group Assembly yesterday adopted decisions that will facilitate operations and extended the term of the Board of Directors for six more years.

“Thanks to the decisions of the Assembly, it will now be possible to make new acquisitions or mergers or dispose of assets up to the maximum amount of EUR 500 million in 2023, subject to the prior decision of Fortenova Group’s Board of Directors, while they have also created the prerequisites for the refinancing of Fortenova Group’s existing debt and addressing various financial liabilities, also subject to the Board of Directors’ prior approval,” the group said yesterday.