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Dispute over metro construction company auction won't be reconsidered

10:52 01/03/2012

MOSCOW, March 1 - RAPSI. The Supreme Commercial Court has rejected Е4 Group's application for another review of the judgments upholding the validity of auctioning off Metrostroy, the Moscow metro prime building contractor, the court told the Russian Legal Information Agency (RAPSI/rapsinews.ru) on Wednesday.

The Federal Agency for State Property Management auctioned off 100 percent of Mosmetrostroy shares to Tsentrostroy for 7.559 billion rubles ($ 259.89 million) on December 23, 2010.

The initial price was 2.199 billion rubles ($75.6 million). This transaction provided for a 40-percent implementation of the 2010 federal property privatization plan amounting to 18 billion rubles ($618.87 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 appellate courts upheld the decision. Then E4 turned to the Supreme Commercial Court.

Mosmetrostroy 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.

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Dispute over metro construction company auction won't be reconsidered

10:52 01/03/2012 The Supreme Commercial Court has rejected Е4 Group's application for another review of the judgments upholding the validity of auctioning off Metrostroy, the Moscow metro prime building contractor.
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