Today the Komsomolskiy District Court of Togliatti convicted former management of OJSC Togliattiazot in the criminal case launched against them.

PJSC TOAZ strongly disagree with the judgement; we are of the opinion that it contradicts the facts of the criminal case established during the court proceedings and has been made with flagrant breaches of the laws of criminal procedure of the Russian Federation.

PJSC TOAZ will duly appeal against the judgement.

Togliattiazot repeatedly stated that this criminal case is groundless and absurd; it was initiated by minor shareholders JSC URALCHEM and Evgeny Sedykin who had a long-lasting corporate conflict with PJSC TOAZ, in order to take over the successful enterprise.

PJSC TOAZ is of the opinion that the charge is based on false allegations of the above shareholders and investigators that the accused misappropriated 100% products produced by Togliattiazot in 2008 – 2011. PJSC TOAZ do not hold itself the injured party and do not agree that the company has inflicted any damage. All products allegedly misappropriated in 2008 – 2011 were sold under official contracts and at highest prices possible, and the revenue was fully credited to the company’s operating accounts. Money received from the sale of products was used to pay salaries, modernise equipment and pay taxes.

PJSC TOAZ is of the opinion that the real injured party is the company staff. Numerous searches were undertaken at the enterprise which interfered with stable operation, and employees experienced moral pressure.

Petr Ordzhonikidze, Board Chairman at PJSC TOAZ: “PJSC TOAZ management repeatedly officially stated that any allegations of TOAZ products misappropriation are groundless; products were sold under official contracts with 100% advance payments; that the enterprise do not hold itself the injured party and have not inflicted any damage claimed by the minor shareholders. Togliattiazot think that any and all actions the minor shareholders take are due to a long-lasting corporate conflict with TOAZ, with law enforcement agencies being involved. It is also worth mentioning that the management, staff and legal advisers of Togliattiazot had to face unprecedented pressure during investigation and court proceedings. We still think that the conviction and the proceedings are a part of the minor shareholders’ plan of corporate raid. PJSC TOAZ will keep on taking all possible legal actions to protect the company from unfair acts by the minor shareholders.”

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