SMARTS telecom 12.1% shares dispute to be heard on January 30
MOSCOW, January 24 - RAPSI, Alyona Yegorova. A commercial court adjourned until January 30 the hearing of the lawsuit by Sigma Capital Partners to recognize the right of pledge to 484 shares (12.1 percent) of the SMARTS telecommunications company, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported on Wednesday.
SMARTS was established in Samara in 1991.
The plaintiff sought the court order to SMARTS to include into the shareholders' register a number of entries on the encumbrance of pledged shares. The plaintiff also wants to levy execution on the shares with an initial value at $29.561 million.
Barnet Associates Limited, which owns the shares in dispute, is a codefendant in the lawsuit.
According to case materials, Vnesheconombank (VEB) granted to Angentro Trading and Investments, SMARTS' shareholder, a credit amounting to $56.3 million. Some 484 shares of SMARTS was pledged at VEB to secure the loan.
The term to fulfill the obligations under a credit contract matured on December 7, 2005, earlier than it was set to. Next day, VED assigned his rights of claim to Sigma Capital Partners, a plaintiff; that very day the mortgagee rights were assigned to the company as well.
In September 2006 Sigma Capital Rights assigned its right of claim to Angentro Trading and Investments and mortgagee rights to SoyuzInvest in September 2006. But, in October 2007, the parties terminated the contract, and Sigma Capital Partners required from SMARTS' registrar to include an entry on the transfer of rights to pledged shares to the company.