A worker stands on a platform at the pumping station.
Photo: Reuters
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Russneft Flows Out of Russia
The Moscow City Court sustained seizure of Russneft stocks; the respective decision took effect yesterday and any and all transactions with the stocks of that company have been banned since Wednesday. The ban, however, won’t disrupt the deal of Basic Element and Russneft, which will be clinched outside Russia. Basic Element’s offshore, Continental Group Management Ltd, will get control over Intendu Trading Ltd, which is the offshore of Russneft.
The Moscow City Court sustained yesterday the award of Lefortovo Court to seize stocks of six companies, which, judging by the accounting report of Russneft, own 100 percent in it. According to the prosecutors, the detectives had solid reasons to suppose that six co-owners of Russneft were tied with the company’s former president Mikhail Gutseriev, who is on the international wanted list now.
But this seizure won’t prevent Basic Element from taking over Russneft. A source that is familiar with Basic Element’s application to Federal Antimonopoly Service said the counteragents in the deal are the offshore firms. Basic Element’s offshore, Continental Group Management Ltd, will buy out 1,000 stocks (100 percent of voting stocks) in Russneft’s offshore Cyprus Intendu Trading Limited. The stock purchase by the latter is “a part of the deal for getting control over Russneft,” said the documents filed by Basic Element to the antimonopoly authority of Russia.
A source with Basic Element confirmed to Kommersant that Continental Group Management is the holding’s firm, but specified that it bears no relation to LPK Continental Management that is the subsidiary of Basic Element. In Russneft, they declined to comment on the deal.
www.kommersant.com
All the Article in Russian as of Sep. 06, 2007
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