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ALROSA Driven Back from YUKOS Heritage
Yakutia’s authorities are apparently in no mood to share YUKOS heritage with ALROSA, the more so that the latter is going out of their control due to federalization. The 100-percent owned by Yakutia Sakhatransneftegaz is willing to go to law to challenge ALROSA’s acquisition of 50.4 percent in Sakhaneftegaz.
In the legal services agreement made between Sakhatransneftegaz and Krasnogorsk-incorporated Generation We February 17, 2006, the latter has undertaken to challenge ALROSA’s purchase of 50.4-percent stake in Sakhaneftegaz. The lawyers will go to the Arbitration Court of Sakha (Yakutia) to invalidate the meeting of Sakhaneftegaz holders of February 2, 2006, which empowered ALROSA to acquire the stocks of Sakhaneftegaz.
In Sakhatransneftegaz, they confirmed intention to file a suit and seek invalidation for the holders’ meeting. According to Sakhatransneftegaz, the company was deprived of the opportunity to attend the meeting as no notification had been served about its holding.
Until past fall, YUKOS had controlled 50.38 percent in Sakhaneftegaz via YUKOS-M (13.22 percent), Cyprus Kampione Holdings Ltd (19.89 percent) and Empusa Enterprises Ltd (17.27 percent). Then the stocks were bought out by BIN-Bank divisions and ALROSA acquired them in February.
Apart from ALROSA, other major holders of Sakhaneftegaz are Sakhatransneftegaz (30 percent) and Moscow Alkor (10 percent).
Involvement of Yakutia’s authorities in the conflict is evident because of Sakhatransneftegaz owner - Yakutia’s government has 100 percent in the company. “In its activities, Sakhatransneftegaz is certainly controlled by the Property Ministry,” said Dyulustan Ivanov, briefer of Yakutia’s President Vyacheslav Shtyrov.
www.kommersant.com
All the Article in Russian as of Mar. 30, 2006
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