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Cyprus Offshore orders Sberbank share

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Recent History knows several examples where the Russian treasury funds became subject of controversy for foreign companies, using its claims dubious arguments, tried to court to collect from various government agencies tens of millions of dollars.

The loudest was the process of Swiss company Noga , which for 10 years, tried to get away from Russia and $ 110 million awarded by the Stockholm arbitration. During this process, in 2008, she even managed to briefly make arrest accounts and Bank of Russia's Federal Space Agency in France.

The company tried to seize the Russian fighter jets during the air show at Le Bourget, the ship "Krusenstern" when entering the European ports during the voyage of the regatta, and really quite bizarre was an attempt to arrest the company's collection of masterpieces of the Hermitage Museum during his overseas tour.

Consistent follower of the case Noga can be considered the Cyprus offshore Shades of Cyprus, which is now in court trying to recover from the Savings Bank of Russia 3.1 billion rubles (about $ 100 million). The company believes it has every reason to receive these funds, since Sberbank of Russia is a guarantor of an offer of holding Uralchem about redemption for that amount of shares of the plant near Moscow OAO Voskresensk Mineral Fertilizers (VMF) . According to some media, a Cypriot offshore may be holding "FosAgro" , whose representatives in the past have repeatedly said that represents the interests of Shades of Cyprus Ltd as a minority shareholder "Resurrection of mineral fertilizers.


We recall the summer of 2008 URALCHEM acquired 71.72% stake in VMC, then in accordance with applicable law to minority shareholders was sent an offer, the guarantee is provided Sberbank of Russia. Minority shareholders in "Resurrection of mineral fertilizers" at that time there were three: OAO FosAgro ╩, Shades of Cyprus Ltd. and one offshore. All minority shareholders, but Shades of Cyprus Ltd., Have applied to sell their shares on time, and the Cyprus offshore company for some reason late in submitting its bid. As a result, the company still owns about 25% of the shares of Resurrection fertilizer which cost about $ 100 million

Realizing that the URALCHEM no claims it can not produce, Shades of Cyprus Ltd., Apparently decided to try to win back the money from the Savings Bank of Russia. The lawsuit was filed in the Moscow Arbitration Court in March this year. True, the court has not yet begun to hear the case on the merits (the next meeting scheduled for February next year).

Meanwhile, the Savings Bank guarantees payment of $ 100 million only if the Shades of Cyprus Ltd. time to time to apply to sell their shares, and Uralchem for some reason refuses to pay for the deal. And if an offshore company did not have time, no entitlement to this money has not.

Desire Shades of Cyprus Ltd. thrust his hand into the state treasury is understandable - especially given the global economic crisis. But do not underestimate the possible consequences of its claims to the country: if the Cypriot company in some way somehow be able to sue the Savings Bank $ 100 million, the money disappear on her offshore accounts, and if someone wants to challenge these judgments in the future , then return the money is unlikely.

Sberbank of Russia's largest financial institution in the country, it is a tremendous burden on payment of wages to budget organizations, pensions, allowances, on lending to small businesses and are strategically important for Russia industries. If Sberbank had to pay a Cypriot company $ 100 million, it could jeopardize the fulfillment of social obligations of the bank.