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Moscow court freezes Russneft shares



By Vladimir Afanasiev 

Photo by Vladimir Afanasiev


A Russian district court has frozen the shares of mid-sized oil company Russneft, which is privately held by a number of Russian and foreign-registered entities, according to reports in Moscow.

Moscow’s Lefortovo district court backed a motion from an investigative committee of the Russian Interior Ministry, which has accused former president of the company Mikhail Gutseriyev in “illegal business activities” and tax evasion.

The committee originally asked Moscow’s Tverskoy district court to seize the shares but was refused. However, Russia’s Prime-Tass news agency said today that the Lefortovo court had frozen Russneft’s shares as of 31 July.

Gutseriyev stepped down as Russneft president last week, saying in a letter to staff that he had been forced to quit amid “bullying” by Russian authorities of the company and his family members, who together own 100% of Russneft shares.

Gutseriyev also said he had reached an agreement to sell the company to powerful Russian aluminium magnate Oleg Deripaska.

Observers in Moscow believe Gutseriyev stepped aside in an apparent bid to stop Russneft from becoming a “second Yukos”. Yukos, once Russia’s foremost oil company is widely believed to have been intentionally bankrupted by authorities.

However, Russneft officials said they had yet to receive any notification on the shares freeze from either the Interior Ministry or the Lefortovo court.

The freeze may be an attempt to delay the deal with Deripaska. Officials at Russia’s anti-monopoly office said Deripaska’s investment vehicle, Bazel, has yet to seek formal permission to buy Russneft.

The office usually issues such permissions within one month, officials said. Bazel representatives have only been in contact with the ministry to find out which supporting documents they must attach to the application, they said.

Meanwhile, Gutseriyev has sought a lower profile in recent days in an apparent attempt to avoid further angering the Kremlin, which was annoyed by his very public resignation last week, observes in Moscow noted.

Gutseriyev’s letter to staff has been removed from the Russneft’s website while Gutseriyev himself has disappeared from the public eye, cancelling planned media interviews in which he promised to tell more about his reasons for selling the company.


Wednesday, 08 August, 2007, 16:45 GMT  | last updated: Wednesday, 08 August, 2007, 20:27 GMT

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