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Federal agency awarded $2.5 mln due to auction disruption

16:13 03/02/2012

MOSCOW, February 3 - RAPSI. The Moscow Commercial Court has recovered $2.48 million from Seltekhstroy for a Federal Agency for State Property Management for disrupting the auction of the controlling stake in the Vanino Port, the Russian Legal Information Agency (RAPSI/rapsinews.com) reported from the court on Friday.

The court partially upheld the agency's claims. The agency initially sought 300.46 million rubles ($9.93 million).

Vanino is the largest stevedoring company in the Khabarovsk Territory. It provides cargo handling and freight forwarding services. The government holds a 55-percent stake in Vanino. Rusal, a leading aluminum producer, has a 20-percent stake in the seaport.

Seltekhstroy stated in its claim that Rosimushchestvo did not observe the shares transfer deadline and violated the purchaser's responsibility terms.

The auction of the 73-percent stake in the Vanino seaport was held on May 19. There were 14 bidders, including Oleg Deripaska's En-Group and Vladimir Lisin's UCLH.

However, the little-known Seltekhstroy eventually won the bid, offering 10.8 billion rubles ($354 million), although the starting price was 934 million rubles ($30.6 million).
The successful bidder made a 93.4 million ruble ($3.07 million) down payment, but later failed to pay the entire sum by the June 24 payment deadline. The auction was consequently canceled and Seltekhstroy forfeited its deposit. However, Rosimushchestvo later decided to sue the failed winner, seeking to recover 300.46 million rubles ($9.8 million) from Seltekhstroy for disrupting the auction.

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Federal agency awarded $2.5 mln due to auction disruption

16:13 03/02/2012 The Moscow Commercial Court has recovered $2.48 million from Seltekhstroy for a Federal Agency for State Property Management for disrupting the auction of the controlling stake in the Vanino Port.
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