12 May 2004 08:16
Krasnoyarsk Hydroelectric Plant deal may be cancelled
He said that the ministry's Southern Siberian division opened a
case against Helington Commodities Limited on May 6 over an
KRASNOYARSK. May 12 (Interfax) - A deal for the sale of 53.28% of shares in OAO Krasnoyarsk Hydroelectric Plant to
the Cyprus registered Helington Commodities Limited, a Russian Aluminum affiliate, may be annulled, Oleg Kharchenko,
deputy director of the Southern Siberian territorial division of the restructured Anti-monopoly Ministry, told
Interfax.
administrative violation.
He said that a final decision would be reached after due consideration of all the circumstances in the case. He said
that one possible outcome is that the Anti-monopoly Ministry department will order the annulment of the deal. "This
is permitted under anti-monopoly legislation," he said.
He said that the case was opened over the violation of article 18 of the law on competition. "This company,
which bought controlling shares in the hydroelectric plant at the end of 2003, did not agree the deal with the
anti-monopoly authorities," Kharchenko said.
"In February one of the plant's shareholders - OAO Krasnoyarskenergo - requested that the Anti-monopoly
Ministry consider the legality of the purchase of controlling shares by the offshore company. For over two months this
request was considered by the federal anti-monopoly authorities, after which it was sent to us with an order to open a
case due to the violation of the law," Kharchenko said.
He said that according to procedures approved by the Russian Justice Ministry, an Anti-monopoly Ministry departmental
hearing has been set for June 21 at which the sides should present their case. Krasnoyarskenergo and Krasnoyarsk
Hydroelectric Plant are included as interested parties. The decision to open the case has also been made known to the
Central Bank of Cyprus and the Russian office of Helington Commodities Limited, he said.
In January this year OAO Krasnoyarsk Hydroelectric Plant announced that the share of Helington Commodities in the
company's charter capital had reached 53.28%.
Russian Aluminum controls about 70% of shares in OAO Krasnoyarsk Hydroelectric Plant, Krasnoyarskenergo owns over 25%
of the plant's shares. [RU EUROPE ASIA EEU EMRG ELG ENR CY EU MET MRG STX] rd <>
[Interfax] |
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