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Court to hear case of illegal drilling vessel lease

17:43 26/08/2011

MOSCOW, August 26 - RAPSI. The Prosecutor General's Office filed with a Murmansk court a criminal case against Oleg Mnatsakanyan, the former general director of a state enterprise, for illegally leasing a unique Russian drilling vessel to foreigners, the Prosecutor General's Office wrote on its website.

In 2005, Mnatsakanyan, without necessary approval of the Federal Agency for State Property Management, leased the Valentin Shashin drilling vessel for 18 years to Norwegian companies ARBA AS and Vеnturе Drilling AS. Mnatsakanyan agreed to a contract with the intentionally deflated rent of $21,000 per day, which was far below market value, investigators said.

The foreign companies immediately subleased the vessel, and exploited it until 2011, earning between 250,000 and 400,000 euros per day.
Without informing the Russian owner, they renamed the vessel "Deep Venture," and entered it onto the International Ship Register, which could have resulted in Russias loss of ownership of the vessel.

The Prosecutor General's Office, siding with the Federal Agency for State Property Management, intervened in the commercial court proceedings. The leasing contract was pronounced illegal and terminated.

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Court to hear case of illegal drilling vessel lease

17:43 26/08/2011 The Prosecutor General's Office filed with a Murmansk court a criminal case against Oleg Mnatsakanyan, the former general director of a state enterprise, for illegally leasing a unique Russian drilling vessel to foreigners
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