EuroChem contests Yamalo-Nenets autonomous district arbitration court injunction
18 March 2013, Moscow, Russia – OJSC “MCC “EuroChem”, Russia’s largest mineral fertilizer producer, today announces that on March 12, 2013, the arbitration court of the Yamalo-Nenets Autonomous District disclosed on its website the information that “Reverta AS” (Latvia) had filed a claim against OOO “NK Severneft” and OOO “Severneft-Urengoy” contesting the real estate purchase and sale transactions made between these two entities in 2011, prior to the acquisition of OOO “Severneft-Urengoy” by OJSC “MCC “EuroChem” in January 2012. As part of the proceeding the court has issued a ruling to impose injunctive relief. In accordance with the ruling, certain real estate of OOO “Severneft-Urengoy” was seized. As this injunction only applies to the sale of the real estate, such measures have no bearing on the company’s ongoing activity.
OJSC “MCC “EuroChem” on its part declares that it has no relation to the matters being the subject of the proceedings between “Reverta bank” and OOO “NK Severneft” and/or any third persons.
OJSC “MCC “EuroChem” believes the claims of “Reverta” against assets of its subsidiary OOO “Severneft-Urengoy” to be without merit and is contesting the injunction.