JSC TRANSAMMIAK PRIVATIZATION FINALLY DECLARED LEGAL BY RUSSIAN SUPRIME ARBITRATION COURT PRESIDIUM
The Suprime Arbitration Court Presidium of the Russian Federation has finally declared the privatization of JSC Transammiak legal.
On Tuesday the Suprime Arbitration Court considered complaints made by JSC Transammiak and JSC Togliattiazot concerning the decision of the Samara region arbitration court to invalidate the transaction that exchanged 6.1% of Togliattiazot shares for 51% of Transammiak shares. This transaction took place in 1996. The Suprime Arbitration Court decided to cancel all pleas concerning this affair and reject the suit of RF Ministry of Property (Minimuschestvo) requesting that the transaction be declared invalid.
Lawyer Valeriy Eremenko, representing the applicants’ interests, told journalists that the subject of Transammiak’s privatization was now closed and there were no claims to the company.
The case to nullify the transaction of the exchange of 6.1% Togliattiazot shares for 51% of Transammiak shares has been going on since 2004 and has been examined several times by each level of the judicial system.
According to press reports, Togliattiazot and Transammiak are satisfied with today’s decision, which will undoubtedly promote successful and stable work at both companies.