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Court to reconsider businessman's 10 million euro lawsuit against MTS

14:30 29/08/2011

MOSCOW, August 29 - RAPSI, Natalya Belova. The Moscow Commercial Court has set for September 27 its reconsideration of Yevgeny Grafeyevs lawsuit against Mobile TeleSystems (MTS). The entrepreneur is seeking the return of 12.5 percent of privileged and 2.5 percent of ordinary shares in an MTS subsidiary, along with 10 million euros in moral damages, the Russian Legal Information Agency (RAPSI) reports from the courtroom.

The court earlier held against Grafeyev, but the Moscow District Federal Commercial Court overruled the decision in June, and remanded the case for reconsideration.
Grafeyev maintains that on August 17, 2001 he sold Mobile Communication Systems (Mobilnye Sistemy Svyazi) 1,250 privileged and 250 ordinary shares in the company for 4.668 million rubles ($161,700).

MTS owns a 91 percent stake in Mobile Communication Systems.

According to Grafeyev, the companys management developed an action plan to coerce him into the transaction. Grafeyev was threatened, blackmailed, and ultimately forced into signing the sale contract which resulted in 21 million euros in losses to him.

Earlier, MTS reported that the company acted in good faith and has the corresponding documents to prove its case.

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