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Gas pipelines developer loses $308 mln action against Gazprom

15:27 02/07/2012

MOSCOW, July 2 - RAPSI. The Supreme Commercial Court refused to review the decision dismissing $308 million lawsuit filed by Rosgazifikatsiya against Gazprom and its registrar.

Fifty million shares in Gazprom, or 0.2 percent of its charter capital owned by Rosgazifikatsiya, were transferred to the Depositary-Settlement Union in the early 2000s and auctioned.

Rosgazifikatsiya maintains that its management was unaware of the transaction.

The plaintiff seeks to recover its losses worth 50 million Gazprom shares.

The Moscow Commercial Court rejected Rosgazifikatsiya's lawsuit on July 27, 2011, stating that the registrar's fault in causing the losses has not been proven.

Moreover, the court had established the guilt of other individuals.

The appeals court upheld the ruling.

The company then appealed to the Supreme Commercial Court to review the decision.

During the litigation, the claim amount grew from 539 million rubles ($16.4 million) in 2001 and 1.3 billion rubles ($39.6 million) in 2008 to 10 billion rubles ($308 million).

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Gas pipelines developer loses $308 mln action against Gazprom

15:27 02/07/2012 The Supreme Commercial Court refused to review the decision dismissing $308 million lawsuit filed by Rosgazifikatsiya against Gazprom and its registrar.
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