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Russian Court turned down the claim of the Russian State Property Management Agency vs. Pulp Mill Holding (Austria) to confiscate 20% of shares in Arkhangelsk PPM
22 july 2009
On the 22nd of July, 2009 the 9th Arbitration Court of Appeals (Moscow) turned down the appeal of Russian State Property Management Agency.
The case was initiated in 2007 when the Russian State filed a claim with Moscow Arbitration Court demanding confiscation of 20% of shares in Arkhangelsk Pulp and Paper Mill JSC from Pulp Mill Holding GmbH. The claim was based on accusations of Pulp Mill participating in a fraudulent scheme aimed to deprive the Russian State of 20% of the shares in a leading pulp and paper manufacturer located in Arkhangelsk region.
The case was initially turned down by the court stating that the palintiffs failed to prove any wrongdoing on the side of Pulp Mill as well as confirming the fact of expiration of terms of limitations. Today the decision has been confirmed and enforced.
Arkhangelsk Pulp and Paper Mill welcomes this ruling confirming the correctness of APPM privatisation and hopefully putting an end to the ungrounded accusations of misdoings by the majority shareholder of the company.
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