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.
The Tverskoy District Court of Moscow has found a resolution in the dispute between the General Prosecutor’s Office and the Investigating Committee of the Russian Federation Ministry of Internal Affairs with respect to the legality of a new criminal suit against Vladimir Makhlai, TogliattiAzot President, and Alexander Makarov, TogliattiAzot CEO, which was instigated by the Investigating Committee. V. Makhlai and A. Makarov are accused of fraud and tax evasion and are currently fugitives from justice. The new case against them was petitioned a month ago by the offshore company Tringal Equities Inc. whom are claiming 30 million rubles from TogliattAzot, in underpaid dividends. However, the General Prosecutor’s Office dismissed this case and the Court had approved the decision.
The details of the Federal Arbitration Court of Povolzhsky Territory related to the case of privatization of 6.1% shares of TogliattiAzot (ToAz), the largest world producer of ammonia were made public.
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.