пятница, 18 марта 2011 г.

Galchev is required of $ 400 million

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GLK Investment Ltd by Krasnyansky filed a lawsuit to Arbitration under the Chamber of Commerce of Switzerland against the GFI Investment Ltd by Galchev to recover $ 362.1 million, according to the source of "Vedomosti" close to one of the parties of the conflict. Svetlana Lipatova lawyer GLK reported the same information to "Interfax". As it was said in the court, the Moscow Arbitration Court registered a claim of the same company against the GFI and the Swiss Eurocement Holding AG for $ 35 million.

According to the interlocutor of “Vedomosti”, a lawsuit in Switzerlandconcerns the sale of 23.3 million shares of Eurocement Holding for $ 362.1 million, and 56 700 shares of Eurocement Group (according to SPARK - 23,8%) - Eurocement Holding for $ 340.2 million by Krasnyansky’s company to the company of Galchev. As a result, GFI became the sole owner of Eurocement Group. The suit in the Moscow Arbitration involves the sale of 46.3 million shares of CJSC "Golovinskaya Sloboda" (according to SPARK - 30%). Lipatova told Interfax that the company belongs to the Moscow office of Eurocement Group.

All three deals were concluded in May 2007. Interlocutor of "Vedomosti” said that shares in the Swiss company must be paid in two tranches - in August of 2010 and 2011. The shares of “Eurocement Group " should be paid in the three parts in August of 2008, 2009 and 2010. In a statement filed to the Swiss arbitration, the plaintiff asked to note that the buyer delayed the payment of $ 200 million in August 2009. A proceeding on this amount recover has been going in the Moscow Arbitration Court from the autumn. Calculations on buying "Golovinskaya settlements" must be completed before August 1, 2011, said a source close to one of the parties of the conflict.

67 000 shares of Eurocement Group became the payment guarantee; Eurocement Holding laid them in favor of GLK. Besides that the cement company obliged not to dispose of assets. However, later it laid shares in six plants - 100% share in Nevyansky cementnik ", CJSC" Kavkaztsement ", CJSC" Oskoltsement ", JSC" Belgorod cement ", JSC" Nadra ", as well as 100% of" Nevyansk cementnik” on loans of the Savings bank. According to the site of Eurocement Group, they obtain more than a quarter of all the facilities of the company. In addition, "Eurocement Group” was re-registered from “JSC” into “ZAO”. GLK regarded those actions as a breach of the contract and demanded from the GFI and Eurocement Holding to pay for the shares transferred to them in advance, as interlocutor declared to "Vedomosti".

Galchev and Krasnyanskiy have been long-term partners. The entrepreneur told "Vedomosti" that they had been working together since the early 1990's. In 2002 Galchev and Krasnyanskiy bought a controlling stake in the “Stern-cement» (at the time it had been holding four cement plants), and created “Eurocement" on its basis. A breakthrough occurred in 2005 when the partners acquired the cement business “Inteko” for $ 800 million. The company has become number 1 producer of cement in Russia. Though all the attempts by the Federal Antimonopoly Service to make “Eurocement" shared failed. But three years ago the partners’ views on business development got dispersed, which resulted in the repurchase by Galchev of the Krasnyansky’s share.

Source: “Vedomosti »№ 46 (2564) on 17/03/2010

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