Urals Energy Public Company Limited Litigation update (3462U)
October 15 2014 - 2:01AM
UK Regulatory
TIDMUEN
RNS Number : 3462U
Urals Energy Public Company Limited
15 October 2014
Press Release 15 October 2014
Urals Energy Public Company Limited
("Urals Energy" or the "Company")
Litigation update
Urals Energy (AIM: UEN), the independent exploration and
production company with operations in Russia, is pleased to
announce an update on the various litigation matters it is
currently involved in.
KNGF
On 9 October 2014 the Russian court issued a decision in favour
of Urals Energy in its case against Komineftegeofizika ("KNGF") in
relation to the debt it owes to Urals Energy. The Russian court has
awarded Urals Energy the sum of 32 million Roubles, together with
8% interest until full payment has been received by Urals Energy.
At the same time, the court also dismissed KNGF's counter-claim
that Urals Energy's claim was itself invalid. KNGF has the option
to appeal the Russian court's ruling. This debt relates to amounts
owed to Urals Energy by KNGF since 2003 and who were on an agreed
repayment schedule. Following a KNGF shareholder dispute KNGF
ceased making payments to Urals Energy, thus forcing the Company to
seek repayment through the Russian court.
Alleged Debt Repayment Agreement
On 20 February 2014 action No. 794/2014 was filed at the
District Court of Limassol, on behalf of the Company, against: i)
UEN Cyprus Limited; ii) Maria Zavou; iii) Antri Neophitou; and iv)
Chelco Management Services Limited, seeking disclosure of documents
as well as challenging the validity of and/or authenticity of an
alleged debt repayment agreement, dated 15 December 2010 (the
"ADRA"). The ADRA, details of which have been previously announced,
is a claim against the Company by UEN Cyprus Limited for
US$41,652,000.
The Company has now prepared and will soon be submitting the
Statement of Claim in Cyprus setting out the factual and legal
basis for the Company's challenge to the validity of the ADRA in
order to expedite the procedures leading to the main hearing before
the District Court of Limassol which will consider the case.
London Court of International Arbitration award
An application for Recognition of Arbitration Award No. 2657 has
been filed by the Company for the recognition and enforcement of
the Arbitration Award issued by the London Court of International
Arbitration in favour of the Company against Mr. Viatcheslav
Rovneiko (the "Respondent"). Details of the Arbitration Award have
previously been announced by the Company. The London Court of
International Arbitration's Award was for US$6,790,627 plus
interest (amounting to US$2,526.86 per day). Pursuant to this
application for Recognition, the Limassol Court has issued certain
freezing orders against the Respondent preventing him for
alienating any of his assets in Cyprus, which were at the time
known to the Company. The companies affected
("Respondent-companies") have filed their oppositions to the issue
of the said application for Recognition.
On 5 May 2014 the Respondent-companies have filed an application
for leave of the Court to file a supplementary affidavit in support
of their opposition which was opposed by the Company. The hearing
of this application took place on the 27 June 2014 and the Court
has reserved its judgement on a later date.
Conclusion
The continuation of these legal cases is expected to continue
for 2014 and most of 2015 and will require the Company to continue
to devote considerable time and resources. The Company believes,
however, that it shall prevail in all three legal cases and
confirms what it has stated before - that the ADRA is a forgery,
which the Company does not recognise and is committed to see its
full vindication against Mr. Rovneiko and UEN Cyprus Limited.
- Ends -
For further information, please contact:
Urals Energy Public Company Limited
Alexei Maximov, Chief Executive Tel: +7 495 795 0300
Officer
Sergey Uzornikov, Chief Financial www.uralsenergy.com
Officer
Allenby Capital Limited
Nominated Adviser and Broker
Nick Naylor Tel: +44 (0) 20 3328
5656
Alex Price www.allenbycapital.com
Media enquiries:
Abchurch
Henry Harrison-Topham / Quincy Allan Tel: +44 (0) 20 7398
7710
henry.ht@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
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