Supreme Commercial Court holds against watchdog in dispute with MMC Norilsk Nickel
MOSCOW, November 21 - RAPSI, Dmitry Shchitov. The Supreme Commercial Court has refused to reconsider lower-court decisions in the financial markets watchdog's order to MMC Norilsk Nickel, the court told the Russian Legal Information Agency (RAPSI).
Norilsk Nickel is the largest producer of nickel and palladium in the world.
The Federal Service for Financial Markets earlier filed a petition with the court to reconsider judicial acts issued by the lower courts.
The Moscow Commercial Court held for MMC on February 9 and canceled the watchdog's resolution against the company. The appeals court upheld the decision on May 19.
The Moscow District Federal Commercial Court affirmed the lower-court judgments on August 5 and dismissed the watchdog's cassation appeal.
Earlier, MMC reported that its major shareholder Rusal Investment Management criticized the June 2010 general meeting of MMC's shareholders and initiated inspections held by the watchdogs. As the result of an inspection in October 2010, the financial markets watchdog ordered MMC to remedy any legal violations committed during the transactions between the interested parties.
Later, MMC filed a lawsuit with the court to invalidate the order.