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CTC sues former CEO
Russian broadcast group CTC Media has ousted non-executive director Alexander Rodnyansky, a former president and CEO of the Moscow company, and has begun legal action against him.
CTC said today that it had become aware Rodnyansky "has been involved in the business of one of the company's competitors in Russia and has acted against the best interests of CTC Media." These activities were said to be "in breach of Rodnyansky's contractual obligations to the company and his fiduciary duties as a director."
 The firm has filed civil complaints in the supreme court of the State of New York and duly given Rodnyansky the boot, backed by CTC's two main shareholders, Alfa CTC Holdings and MTG Russia. He leaves the company on February 7, 2010.
When contacted by C21, a CTC spokeswoman would not comment further or name the company that Rodnyansky had allegedly been working for, but the move is an attempt to deprive him of his rights to exercise share options that could fetch him up to US$100m, according to Russian daily Vedomosti.
Ed Waller
10 Nov 2009
© C21 Media 2009
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