Fidelity Sberbank ADR liquidation cash distribution
We have received reports that Fidelity has now finally distributed the cash distribution in relation to the liquidation of the Sberbank ADRs. Fidelity unfortunately placed the cash distribution in a '(OFAC) blocked assets account'. Hence the funds cannot be accessed. Our understanding is that Fidelity waited so long with the cash distribution that the specific licence with number MUL-2025-1394826-3 (https://drive.google.com/file/d/1dNVAXHHnzq6xXvgSXlh7Dmb8LUBM9o4I/view?usp=drivesdk) expired.
Fidelity unfortunately does not seem to be aware that the license has been extended to the current number MUL-2025-1394826-5. Although we do not currently have a copy of that license we are quite certain that it is an extension of license MUL-2025-1394826-3 in order for the cash distributions to continue without restrictions.
UPDATE:
We are receiving (mixed) signals that the problem may be that accounts have been closed by Fidelity and that funds may be accessed after the account has been re-opened. Investors are advised to see if funds can be accessed after the account has been re-opened.
UPDATE:
We are receiving (mixed) signals that the problem may be that accounts have been closed by Fidelity and that funds may be accessed after the account has been re-opened. Investors are advised to see if funds can be accessed after the account has been re-opened.