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Court denies Moscow Airlines appeal of 793 million ruble award to Moscow government

15:54 29/08/2011

MOSCOW, August 29 - RAPSI, Natalia Belova. The Moscow District Federal Commercial Court has denied Moskva airlines (formerly Atlant-Soyuz) cassation appeal against the lower courts judgments to recover 793 million rubles ($28.3 million) in favor of the Moscow Property Department, the court told the Russian Legal Information Agency (RAPSI).

The appeal was denied as it had been filed two months after the statutory filing period expired.

According to the courts findings, the 793 million rubles were paid to the defendants settlement account by the department to purchase 102 additionally issued common registered book-entry shares in Atlant-Soyuz for the Moscow government in December 2008.

However, the Federal Financial Markets Service for the Central Federal District declared the issuance a failure and annulled its state registration in April 2010. As a result, the defendant has not refunded the amount paid for the shares, which is why the lawsuit was filed.

Atlant-Soyuzs shareholders have resolved to rename it as JSC Moscow Airlines on July 23, 2010.

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