Luxembourg court confirms legality of Kernel’s decisions in minority shareholder dispute for the third time

The Luxembourg Court of Appeal has dismissed the appeal of minority shareholders who attempted to challenge the decision of the Kernel annual general meeting of December 11, 2023.

This was reported by the Kernel press service.

On March 13, 2026, the Luxembourg Court of Appeal completely dismissed the appeal of a group of minority shareholders of Kernel Holding S.A., upholding the decision of the court of first instance of November 27, 2024.

The plaintiffs attempted to challenge and suspend the decisions of the company’s annual general meeting of shareholders, held on December 11, 2023. These included, in particular, the approval of the annual accounts, the extension of the powers of the company’s directors and the appointment of an auditor.

The appeal court completely refused to satisfy these claims. In addition, the court ordered the opponents to compensate Kernel for legal costs.

The company emphasizes that this is the third consecutive decision of the Luxembourg courts in its favor in cases initiated by a group of minority shareholders. Kernel believes that such judicial practice confirms the compliance of the company’s actions with current legislation and corporate governance standards.

Director of the Legal Department of Kernel Holding S.A. Artem Filippyev stated that the decision of the Court of Appeal once again confirmed the legitimacy of the company’s position.

“This decision once again proves the legitimacy of Kernel’s position. We consistently act within the legal framework and adhere to high standards of transparency in our interaction with shareholders. The systematic nature of decisions in our favor indicates that any attempts to put pressure on the company through groundless legal claims and delaying processes have no legal prospects,” he noted.

As USM previously wrote, the founder of Kernel was included in the list of the richest people on the planet.