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High Court disallows Synergy's $99 mln claim against RGI

14:03 20/12/2011

MOSCOW, December 20 - RAPSI. The High Court of Justice has declined a $99 million claim filed by Synergy Classic Limited against R.G.I. International Limited (RGI), RGI reports. Synergy was ordered to pay interim costs of 70,000 pounds by January 9, 2012.

Synergy stated in an earlier press release that the claim was the result of D.E.S shareholders Boris Kuzinez and Jacob Kreisler violating a shareholders agreement in a transaction involving RGI shares. Synergy added that the D.E.S shareholders voted against appointing its representatives to the RGI board of directors in late June, which constituted the violation.

RGI is a development company in Moscow. Kuzinez is its major beneficiary.

Petr Shura's Synergy Classic Limited purchased 22.25 percent of shares in RGI due to an additional equity issue in 2010. Under an agreement between the companies, the shares are set to be traded on the LSE. Subsequently, Shura sought to change the board of directors, stating that the current board is managed by D.E.S, which is controlled by Kuzinez. Synergy then failed in its effort to wrest control of RGI.

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High Court disallows Synergy's $99 mln claim against RGI

14:03 20/12/2011 The High Court of Justice has declined a $99 million claim filed by Synergy Classic Limited against R.G.I. International Limited (RGI). Synergy was ordered to pay interim costs of 70,000 pounds by January 9, 2012.
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