Problems of expert research on determining the value of shares of Ukrainian issuers in legal disputes

Анотація

The article is devoted to the substantiation of the legality of the performance of forensic examinations on the evaluation of securities, first of all, the shares of Ukrainian issuers, by forensic experts certified in the specialties of economic direction 11.1 and 11.2, and to the substantiation of the illegitimacy of the intervention of the Central Expert Qualification Commission under the Ministry of Justice of Ukraine in the assessment of quality and reasonableness expert evaluations. At the same time, the Ministry of Justice of Ukraine, by means of the Central Expert Qualification Commission (hereinafter – CEQC), systematically discredits such experts, including in the eyes of judges. Thus, it is useful for judges to know the current trends in this area in order to objectively solve the issues of appointment and/or assessment of share value examinations. It is emphasized that in the Methodology 0.1.18 of complex expert studies for determining the value of shares of enterprises it is determined that the subjects of the examination of shares include judicial experts specializing in the economic direction: 11.1. «Research of accounting, tax accounting and reporting documents», 11.2. «Research of documents on the economic activity of enterprises and organizations, as well as subjects of evaluation activity». If there is no need to evaluate material objects of evaluation, experts with expert specialties 11.1 and 11.2 have the right to carry out expertise in the field of evaluation of objects in intangible form, since such expertise is reduced to an economic study. Moreover, if the assessment (expertise) is carried out by a comparative assessment method or, even more so, by an income assessment method, then such methods require almost exclusively economic analysis (economic knowledge). It is reported that starting from the middle of 2024, the regulator abandoned its uncompromising position regarding the impossibility of carrying out expert studies to determine the value of shares within the scope of expert specialty 11.2, and also agreed that the issues of the validity and reliability of the expert's opinion, the admissibility of its use as evidence and comparison with other evidence in the case does not fall within the powers of the disciplinary chamber of the CEQC, but constitutes an evaluation of the evidence, which is carried out by the court, in the manner prescribed by the current procedural legislation Key words: objects of assessment in intangible form – financial interests, securities, shares, litigation, expertise, determining the value of shares, expert specialties of the economic direction, the Central Expert Qualification Commission under the Ministry of Justice of Ukraine.

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