Kentucky Teachers’ Retirement System speaks out against statement on Sberbank Investment
TRS calls statements "completely false"
FRANKFORT, Ky. (WTVQ) – The Teachers’ Retirement System of the State of Kentucky (TRS) is speaking out, after social media statements have been shared about the TRS being the second-largest shareholder in Sberbank, a Russian majority state-owned banking and financial services company headquartered in Moscow.
According to the TRS, the statements, “are completely false.”
From March 2017 until the final sale on Feb. 23, 2022, TRS says it invested $15.6 million with $12.4 million returned for a loss of $3.2 million, adding, “TRS’s holding was in an over-the-counter, American-exchange portion of Sberbank known as an American depositary receipt (ADR).”
The TRS statement says this is a small piece of the overall Sberbank capital structure, adding, “TRS’s remaining exposure to holdings in Russia is proportionately negligible in a portfolio of about $26 billion.”
Source: Teachers’ Retirement System of the State of Kentucky (TRS)
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