Engineering company contests judgment over Moscow metro developer's auctioning
MOSCOW, February 3 - RAPSI. The Supreme Commercial Court has registered an application by E4 Group for a review of court judgments under the supervision procedure; the judgments upheld the validity of an auction to sell Moscow metro developer, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com) on Friday.
On December 23, 2010, the Federal Agency for State Property Management auctioned off 100 percent of Mosmtrostroy shares to Tsentrostroy for 7.559 billion rubles ($250 million).
The initial price was 2.199 billion rubles ($73 million). This transaction provided for a 40-percent implementation of the 2010 federal property privatization plan amounting to 18 billion rubles ($596 million).
E4 Group was barred from the auction and filed a lawsuit against the agency and the preferred bidder to invalidate the auction. The Moscow Commercial Court dismissed the lawsuit on May 12 and higher appellate courts upheld the decision. Then E4 turned to the Supreme Commercial Court.
Mosmtrostroy is the third party to the dispute.
E4 Group is a full-service engineering company associated with RU-COM group. Е4 comprises over 50 enterprises across Russia.
There are no official reports as to who stands behind Tsentrostroy.