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CTC files suit against Rodnyansky

Media company takes aim at former CEO

Russia’s CTC Media, which runs the country’s top independent channel CTC, has launched legal proceedings in New York and Delaware against its former president and CEO Alexander Rodnyansky over a conflict of interest claim.

Rodnyansky, who stepped down as president in August after seven years at the helm of the company, remained as a non-executive board member. He is alleged to have been working with a competitor company in breach of contractual obligations, CTC Media said.

The Nasdaq-listed company said in a statement that it had “become aware” that 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 are in breach of Mr. Rodnyansky’s contractual obligations to the company and his fiduciary duties as a director of the company.”

Civil complaints had been filed in the Supreme Court of New York State for the County of New York and the Delaware Chancery Court against Rodnyansky, in order to protect the interests of the company and its stockholders, the statement added.

CTC did not name the Russian company Rodnyansky was alleged to have had business dealings with. It said that other board members had issued notice to Rodnyansky ejecting him from the board effective Feb. 7, 2010.

Rodnyansky could not be reached for comment.

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