According to the Supreme Court, dividends cannot be paid if the company's net assets do not exceed the capital fund and the reserve fund, even when the majority shareholder personally raised financing for the business.
How will this decision change the behavior of large shareholders when structuring investments in non-profitable assets?
Leonid Pavlikov, CEO of Finam's stock capital market:
Payments that used to go as dividends may enter alternative channels: interest on loans and their repayment, service and management contracts, repurchases and other similar options. But their risk is significantly higher.
במקרה של פשיטת רגל או סכסוך עם נושים, קל הרבה יותר לערער על תשלומים כאלה ולהשוות למשיכת הון, ובמקרה של נכסים נטו שליליים, לעקיפת האיסור על דיבידנדים.
Loans and service agreements with particularly vulnerable partners; Often the economic justification for such services is weak, and the marketability of the rate or price must be justified.