THE LAW PROTECTS CHEMICAL INDUSTRY WORKERS IN TOGLIATTI

The two claims from the minority shareholders of JSC Togliattiazot (ToAz) the great Russian producer of ammonia and the offshore company Tringal Equities Inc – turned into proceedings in court. The Public Prosecutor’s Office in the Octyabrsky district of Samara suspected that forgery had been committed by the parties who had submitted the statement of claim to court. Forgery is a crime provided for by the 303d article of Criminal Code of the Russian Federation.

Last autumn, Tringal Equities Inc, registered in the British Virgin Islands, filed claims with the Court of Arbitration in the Samara Region to idemnify damages caused to ToAz by JSC Togliattiazot Corporation and the members of the Board of Directors of ToAz. Expert – GUM Ltd, an expert in the field of damages estimated the value for damages at $85 million dollars. In support of its claims, Tringal Equities provided reports based on the correspondence between ToAz and one of its partners. The copies of this correspondence were used as evidence to support the case.

Upon inspecting the correspondence, the prosecutor came to the conclusion that ‘’on the basis of sufficient data enough proof was available to confirm that the correspondence was forged, specifically the letter of one of the partners of ToAz was doctored’’. It was identified that the representatives of the partner involved had never received the correspondence that had been submitted to the court by the claimant. Furthermore, they had sent none of the nine letters, which supported the claims, to Togliattiazot. The managing director of the partner company had never signed these letters and his signature on the letters, he believes, was made with the help of technical equipment.

On the basis of these facts the Public Prosecutor’s Office in the Octyabrsky district in Samara initiated proceedings, which was interpreted by ToAz as a crucial stepping-stone. Bearing in mind the continuous attempts to raid the enterprise, it is obvious that claims against ToAz are often brought in different courts. However, ToAz’s lawyers have so far successfully proved that the claims are groundless. At the same time the minority shareholders, who used forged papers, have not faced prosecution. Now it looks as if the situation is changing for the better for the chemical industry workers of Togliatti. ToAz hopes that the criminal case against the management will finally be dropped.

26.12.2007TOGLIATTIAZOT HAS GAINED A VICTORY OVER AN OFFSHORE SHAREHOLDER

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.

24.12.2007ALL-ROUND DEFENCE OF TOGLIATTIAZOT

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.

06.12.2007ENDLESS 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.