Eurotoaz Limited Will Continue to Defend its Rights in a Dispute With Togliattiazot OJSC
MOSCOW, July 23, 2012 /PRNewswire/ --
On 17 July, 2012 the Presidium of the Supreme Arbitration Court of the Russian Federation reviewed case number A55-11353/2010 of Arbitration Court of the Samara region "EUROTOAZ LIMITED (Ireland) against Togliattiazot and others". A decision was passed to cancel the previous decision of the Federal Arbitration Court of the Volga Region dated 26.01.2012 on case number A55-11353/2010 of Arbitration Court of the Samara region, which upheld the claim of Eurotoaz Limited and required Togiattiazot and its Registrar, JSC "VTB Registrar" to correct the error in the registry and to enter Eurotoaz Limited into the registry. The Presidium of the Supreme Arbitration Court of the Russian Federation decided not to overturn the decision of the Eleventh Arbitration Court dated 03.11.2011, which dismissed the appeal of Eurotoaz Limited.
In 1995 Eurotoaz Limited purchased 44,541 shares in Togliattiazot from a joint Russian-Hungarian company EUROTOAZ, co-founded by Togliattiazot. Eurotoaz Limited undertook an obligation to invest $20 million in the company's development. The transition of the shares to the new owner was duly processed and registered. However, after the investment programme had been implemented, Eurotoaz Limited disappeared from Togliattiazot's register of shareholders. This fact became known to Eurotoaz Limited in 2010. Instead of Eurotoaz Limited, the register listed the joint Russian-Hungarian company EUROTOAZ as the holder of the shares, which had been closed down in 1995.
The Presidium of the Supreme Arbitration Court did not accept copies of documents confirming the ownership of the shares. Furthermore, the Court decreed that too much time had elapsed for the claim to be upheld. Eurotoaz Limited does not agree with the decision of the Court. The Company believes that its assets, which are comprised of 10% of the shares of Togliattiazot, investment to the amount of $20 million and uncollected dividends since 1996 to the amount of about 240 million roubles, were illegally misappropriated by the management of Togliattiazot and the registrar of the company.
Eurotoaz Limited has declared its intention to push for further criminal investigations, which were initiated earlier, with the aim of punishing the perpetrators and being granted compensation for damages. Regardless of the outcome of the trial in Russia, the company also reserves the right to appeal to international courts to restore its legitimate rights.
SOURCE Eurotoaz Limited