Noga Didn't Keep Stab Fund Money
The Paris court has ordered to unfreeze CBR accounts with Natexis. The court upheld the CBR lawyers, insisting on this institution’s independence from Russia’s government, and rejected Noga’s arguments, claiming the foreign reserves of the CBR and Russia’s government, including the money of sovereign funds, were consolidated.
Lawyers of the Central Bank of Russia (CBR) and Finance Ministry have released the accounts with French Natexis frozen January 2, 2008 on the orders of the Paris court after a suit brought by a Geneva-based Noga. Sources with the RF Finance Ministry said one of the accounts for roughly ˆ50 million has been unfrozen actually, while the destiny of the CBR deposit with Calyon will be decided in one of these days; the amount is similar to unfrozen one.
What’s more, the accounts of RIA Novosti and Roskosmos are yet to be released. Of interest is that RIA Novosti was the first to recognize the sequestration of its accounts with the Paris arm of VTB, while Roskosmos still denies it. “Roskosmos has no accounts in France,” the company’s briefer Alexander Vorobiev said yesterday.
So, one thing is clear today - at least ˆ50 million belonging to the CBR and government’s structures is still frozen under the Noga suit. But there is no way to calculate the maximum amount. Noga, for instance, confirms the seizure of the 5-percent stake in the VTB-controlled EADS Group worth roughly ˆ700 million, while VTB denies it, and neither of the parties has provided any documents justifying its words.
www.kommersant.com
All the Article in Russian as of Mar. 13, 2008
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