AMTD, Owner of The Art Newspaper, Launches Litigation against INNA BAZHENOVA and GLEB IBRAGIMOV for Intimidation, Malicious Falsehood, Breach of Confidence and Consequential Loss and Damage

Rhea-AI Summary

AMTD Group (NYSE:AMTD; NYSE:HKD) announced it has launched litigation on April 4, 2026 against Inna Bazhenova and Gleb Ibragimov for intimidation, malicious falsehood, breach of confidence and consequential loss.

AMTD says it purchased The Art Newspaper in 2023, fully paid the agreed consideration including locked-up shares, and notes the Hong Kong High Court dismissed preservation and whole-action claims on 20 June 2025 and 21 November 2025 with costs ordered against the claimants. AMTD reported the matter to law enforcement and retained Gibson Dunn to pursue remedies.

Positive

• Acquisition completed of The Art Newspaper in 2023 with full consideration paid
• Hong Kong High Court dismissed preservation order application on 20 June 2025
• Entire legal action dismissed on 21 November 2025 with costs ordered against claimants

Negative

• AMTD alleges it has suffered loss and damage from defendants' conduct
• AMTD has commenced fresh litigation (April 4, 2026) against two named individuals

Market Context

This announcement outlines a legal dispute tied to AMTD Group’s 2023 acquisition of The Art Newspape...

Analysis

This announcement outlines a legal dispute tied to AMTD Group’s 2023 acquisition of The Art Newspaper, including prior Hong Kong court dismissals and a HK$773,000 costs order. For HKD, it adds to a backdrop of rapid expansion, such as hotel acquisitions and a reported 1,085.9% revenue increase. Investors may focus on whether ongoing litigation affects corporate reputation, counterparties, or asset security, and monitor future filings or court updates for any quantified impact on operations or cash flows.

Key Figures

Court costs order: HK$773,000 Legal action date: 27 December 2024 High Court dismissal date: 20 June 2025 +5 more

8 metrics

Court costs order HK$773,000 Costs ordered against Bazhenova and Ibragimov on Nov 21, 2025

Legal action date 27 December 2024 Date Ms Bazhenova and Mr Ibragimov commenced Hong Kong legal action

High Court dismissal date 20 June 2025 Application for asset preservation order fully dismissed

Action dismissed date 21 November 2025 Their entire legal action dismissed with costs of whole action

Asset expansion USD 300 million Value of hotel assets added at TGE level per 6-K filing

Ritz-Carlton Perth value A$280 million Total value for 50% interest in The Ritz Carlton Hotel Perth

Revenue growth 1,085.9% Half-year revenue increase reported in Oct 31, 2025 Form 6-K

52-week range $1.26 – $5.47 HKD trading near lower end of 52-week range before this news

Historical Context

5 past events · Latest: Dec 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Dec 26	Hotel acquisition SPA	Positive	-2.2%	TGE executed SPA to acquire Hilton Garden Inn New York City Tribeca.
Dec 19	Marketing campaign	Positive	+0.7%	Global L’OFFICIEL HOMMES project featuring Jay Chou across seven editions.
Dec 19	SPAC IPO pricing	Positive	+0.7%	TGE-sponsored SPAC priced 15M units at $10.00 and began NYSE trading.
Dec 15	Fashion event	Positive	-6.9%	L’OFFICIEL hosted a landmark fashion show at the London Stock Exchange.
Dec 15	Hotel acquisition	Positive	-6.9%	TGE agreed to acquire 80% of Upper View Regalia Hotel in Kuala Lumpur.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent headlines have mostly been expansionary and promotional, yet HKD has shown a tendency toward negative or muted price reactions to positive news, indicating frequent divergence between narrative tone and near-term trading.

Recent Company History

Over the past months, HKD-related news centered on hospitality expansion and brand-building. TGE executed a SPA to acquire the Upper View Regalia Hotel for HK$300 million and later an SPA for the Hilton Garden Inn New York City Tribeca. Marketing and cultural initiatives included L’OFFICIEL fashion events at the London Stock Exchange and a global Jay Chou cover project. TGE also priced its first SPAC listing of 15 million units. Despite these growth-oriented updates, price reactions were often negative or only modestly positive, providing context for how investors have historically treated new developments.

Key Terms

lock-up period, asset preservation order, breach of confidence, malicious falsehood, +2 more

6 terms

lock-up period financial

"The consideration comprised cash and certain shares... subject to a lock-up period"

A lock-up period is a fixed time after a stock offering during which company insiders and early investors are legally barred from selling their shares. It matters because when that restriction expires a large block of previously locked-up shares can enter the market at once, potentially lowering the stock price or spiking trading volume—like opening a floodgate—so investors monitor these dates to anticipate price moves and manage risk.

View in glossary

asset preservation order regulatory

"They applied for an asset preservation order over the Lock Up Shares"

An asset preservation order is a court directive that temporarily prevents a person or business from selling, hiding, or moving key assets while a legal claim or investigation is resolved. For investors it matters because it can lock up cash, property or securities that the company would normally use, reducing liquidity and potentially shrinking share value—think of it as a legal lock placed on a safe until a dispute is settled.

breach of confidence regulatory

"for Intimidation, Malicious Falsehood, Breach of Confidence and Consequential Loss"

Breach of confidence is when someone shares or uses information that was given to them in trust and meant to stay private, like a private letter being read aloud without permission. For investors it matters because leaked or misused confidential information—such as undisclosed financial plans, trade secrets or insider details—can trigger legal claims, regulatory penalties, damage to a firm’s reputation and sudden stock price moves.

malicious falsehood regulatory

"for Intimidation, Malicious Falsehood, Breach of Confidence and Consequential Loss"

A malicious falsehood is a knowingly untrue and harmful statement made about a business, its products, or its financial condition with the intent to damage reputation, divert customers, or influence investors. Think of it as deliberately spreading a lie that’s meant to make people lose faith or sell shares, like whispering a harmful rumor to push a stock down. Investors care because such lies can distort market prices, create sudden losses, and may trigger legal action or regulatory scrutiny.

costs order regulatory

"the Hong Kong High Court fully dismissed their application... and imposed a costs order"

A costs order is a court decision that requires one party in a lawsuit or regulatory proceeding to pay some or all of the other party’s legal bills. For investors, it matters because the order creates a concrete cash outflow or recovery — like being told who must pay the restaurant bill after a disagreement — which can change a company’s cash position, reported liabilities and perceived legal risk, and thus affect share value.

sale and purchase agreement financial

"under the Sales and Purchase agreement (the "Agreement")"

A sale and purchase agreement is a binding written contract that sets out the exact terms under which one party sells and another buys assets or a business, much like the detailed receipt and instructions you get when buying a house. It matters to investors because it defines the price, what is included, payment timing, and any promises or protections — all of which determine future cash flows, risk, and the value of the companies involved.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PARIS and NEW YORK and LONDON, Jan. 15, 2026 /PRNewswire/ -- AMTD Group Inc. ("AMTD Group"), AMTD IDEA Group (NYSE: AMTD; SGX: HKB), AMTD Digital Inc. (NYSE: HKD) and The Generation Essentials Group ("TGE", NYSE: TGE; LSE: TGE) jointly announce on launching litigation against Inna Bazhenova and Gleb Ibragimov for Intimidation, Malicious Falsehood, Breach of Confidence and Consequential Loss and Damage.

In 2023, AMTD Group acquired The Art Newspaper from Ms Inna Bazhenova, who personally published an article about the successful completion of the deal at the time: https://www.theartnewspaper.com/2023/10/25/statement-by-inna-bazhenova-publisher-the-art-newspaper. The consideration for the transaction was fully paid, and the deal was duly closed and completed.

The consideration comprised cash and certain shares in listed companies of AMTD Group, some of which were subject to a lock-up period ("Lock Up Shares") under the Sales and Purchase agreement (the "Agreement").

At all material times, the Lock Up Shares have been registered in the names of Ms Bazhenova and her business partner and advisor, Mr Gleb Ibragimov, who was allocated a part of the shares by Ms Bazhenova.

Despite this, Ms Bazhenova and Mr Ibragimov commenced legal action in Hong Kong on 27 December 2024, making certain claims in relation to the transaction. They applied for an asset preservation order over the Lock Up Shares, despite clear evidence that the shares are registered in their names, as confirmed to them by letters from the independent registrar of the shares.

On 20 June 2025, the Hong Kong High Court fully dismissed their application for an asset preservation order, and imposed a costs order of HK$773,000 against them. On 21 November 2025, their entire legal action was dismissed, with the costs of the whole action ordered against them.

Subsequently, in January 2026, Mr Ibragimov—in his own capacity and/or for and on behalf of Ms Bazhenova—issued messages to AMTD Group, indicating readiness to breach the Agreement and/or their duty of confidence by disclosing matters relating to the Agreement to third parties, including journalists, unless AMTD Group agrees to a resolve matters concerning the Lock Up Shares in favour of Ms Bazhenova.

The above conducts and actions have been reported to law enforcement authorities by AMTD and The Art Newspaper. As a result of the above, AMTD Group has suffered loss and damage.

Therefore, as advised by Gibson Dunn, AMTD Group has promptly commenced legal action against Ms Bazhenova and Mr Ibragimov, and is committed to enforcing its legal rights against both individuals to the fullest extent possible.

Furthermore, AMTD Group wishes to reiterate our persistence and dedication towards ensuring that justice and fairness prevail against any and all perpetrators of malicious and intimidating acts against AMTD Group and its related companies and individuals, and towards procuring all possible remedies and penalties against such malicious actors.

About AMTD Group

AMTD Group is a conglomerate with a core business portfolio spanning across media and entertainment, education and training, and premium assets and hospitality sectors.

About AMTD IDEA Group

AMTD IDEA Group (NYSE: AMTD; SGX: HKB) represents a diversified institution and digital solutions group connecting companies and investors with global markets. Its comprehensive one-stop business services plus digital solutions platform addresses different clients' diverse and inter-connected business needs and digital requirements across all phases of their life cycles. AMTD IDEA Group is uniquely positioned as an active super connector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on X (formerly known as "Twitter") at @AMTDGroup.

About AMTD Digital Inc.

AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform headquartered in France. Its one-stop digital solutions platform operates key business lines including digital media, content and marketing services, investments as well as hospitality and VIP services. For AMTD Digital's announcements, please visit https://ir.amtdigital.net/investor-news.

About The Generation Essentials Group

The Generation Essentials Group (NYSE: TGE; LSE: TGE), jointly established by AMTD Group, AMTD IDEA Group (NYSE: AMTD; SGX: HKB) and AMTD Digital Inc. (NYSE: HKD), is headquartered in France and focuses on global strategies and developments in multi-media, entertainment, and cultural affairs worldwide as well as hospitality and VIP services. TGE comprises L'Officiel, The Art Newspaper, movie and entertainment projects. Collectively, TGE is a diversified portfolio of media and entertainment businesses, and a global portfolio of premium properties. Also, TGE is a special purpose acquisition company (SPAC) sponsor manager, with its first SPAC successfully raised and priced on December 18, 2025.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of AMTD IDEA Group, AMTD Digital and/or The Generation Essentials Group, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of AMTD IDEA Group, AMTD Digital and The Generation Essentials Group with the SEC. All information provided in this press release is as of the date of this press release, and none of AMTD IDEA Group, AMTD Digital and The Generation Essentials Group undertakes any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

For AMTD IDEA Group:
IR Office
AMTD IDEA Group
EMAIL: ir@amtdinc.com

For AMTD Digital Inc.:
IR Office
AMTD Digital Inc.
EMAIL: ir@amtdigital.net

For The Generation Essentials Group:
IR Office
The Generation Essentials Group
EMAIL: ir@tge.media

View original content:https://www.prnewswire.com/news-releases/amtd-owner-of-the-art-newspaper-launches-litigation-against-inna-bazhenova-and-gleb-ibragimov-for-intimidation-malicious-falsehood-breach-of-confidence-and-consequential-loss-and-damage-302662368.html

SOURCE AMTD Digital Inc.; AMTD IDEA Group; The Generation Essentials Group

FAQ

What litigation did AMTD (HKD) announce on April 4, 2026?

AMTD announced it filed suit alleging intimidation, malicious falsehood and breach of confidence. According to AMTD, the action targets Inna Bazhenova and Gleb Ibragimov and seeks remedies for alleged consequential loss and damage.

What is AMTD's claim about the 2023 sale of The Art Newspaper (HKD)?

AMTD says the 2023 sale was completed and the consideration was fully paid. According to AMTD, the consideration included cash and listed-company shares, some subject to a lock-up under the sale agreement.

What Hong Kong court rulings does AMTD cite in the HKD announcement?

AMTD cites dismissal of an asset preservation application on 20 June 2025 and dismissal of the entire action on 21 November 2025. According to AMTD, costs were ordered against the claimants, including HK$773,000 for the preservation application.

Has AMTD reported the alleged conduct to authorities in the HKD filing?

Yes. AMTD reports it has referred the conduct to law enforcement authorities. According to AMTD, messages threatening disclosure and breaches of confidence were reported to relevant authorities as part of its response.

Who is representing AMTD in the new litigation announced by HKD?

AMTD retained Gibson Dunn to commence and prosecute the new legal action. According to AMTD, Gibson Dunn advised the company and the suit was promptly filed to enforce AMTD's legal rights.