ENDLESS TRIALS

One can understand the state of affairs at the giant chemical company and the largest in the world ammonia producer from the fact that its employees celebrate allowance of cassational appeal as a majour victory in their fight with raiders.they According to the Interfax agency, the Federal Arbitration Court of Povolzhsky Territory has recently sent the case of privatization of 6.1% of TogliattiAzot (ToAz) shares for review. It is going to bethe third reviewal of the case.

The joy of the ToAz employees is understandable. According to ToAz counsel, if Rosimushchestvo, in its capacity as a claimant, has not won the case concerning privatisation yet, it proves that the claimant’s arguments are groundless.

The suit against TAFCO (which was accused of an illegal purchase of 6.1% of ToAz shares from the Samara Region Property Fund in 1996) was initiated in 2004 by the government officials and the investigation had faced widespread inconsistencies from the start At first the Samara Region Arbitration Court exposed these inconsistencies and subsequently dismissed the case. However some time later Rosimushchestvo managed to secure a court ruling on appeal.

As a result, in 2006 the court gave its ruling in favour of Rosimushchestvo and obligated TAFCO to return the 6.1% of ToAz shares to the government. As for the Samara Region Property Fund (which had gone out of existence by that time), it was ordered to pay 3 million rubles to the company. It should be highlighted that TAFCO had not held ToAz shares at that time. The court had knowledge of this fact from the beginning. In addition to the evident inconsistence, ToAz’s attorneys had found a large numbers of errors, which were stated in their appeal.

At present ToAz is going into the third round of hearings. At the same time there will be a hearing held for the privatisation of 51% of OAO Transammiak by ToAz. Just before the session of the Federal Arbitration Court of Povolzhsky Territory, the Supreme Arbitration Court of the Russian Federation has heard an ToAz’s appeal related to the decision of the Samara Region Arbitration Court, which declared the exchange of Transammiak control stock to the equal holding of ToAz shares void.

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