As a result of an additional share issue Fifth Element has gotten 77.5% of shares of Svetlana PJSC. So the fund has become a new majority shareholder instead of legal entities affiliated with the developer Andrey Berezin.
As Sergei Bakeshin, a senior associate at Maxima Legal, explained to the Novy Prospect online edition, that closed-end investment funds are often used to make business owners anonymous.
