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TGK-11 to Appeal Rosneft Court Win.
(From The Moscow Times)
Power producer TGK-11 said Monday that a Moscow court's ruling could leave some Siberian residents without heat and electricity as soon as this winter, and promised to appeal the decision calling its merger illegal.
TGK-11, in which Rosneft formerly controlled a blocking stake, is the only asset that Unified Energy System failed to find a buyer for before being wound up July 1.
"I will file an appeal in two days," Anna Kaflevskaya, a TGK-11 deputy CEO and lawyer, said by telephone.
She said Friday's hearing at the Moscow Arbitration Court was emotional, with lawyers "shouting at each other for 4 1/2 hours" followed by a 1 1/2-hour wait for the judge's decision.
Rosneft had held a 25.8 percent stake in Tomskenergo, which was merged into TGK-11 at a shareholders meeting in August. The move left Neft-Aktiv with just 5 percent in the combined company.
Neft-Aktiv claimed that it did not receive an absentee ballot in time, making the decision a violation of its shareholder rights. TGK-11 insists that Neft-Aktiv received the proper documents in time.
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