Settlement of arbitration with Mr Rovneiko (1694G)
26 Junio 2012 - 7:07AM
UK Regulatory
TIDMUEN
RNS Number : 1694G
Urals Energy Public Company Limited
26 June 2012
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Settlement of arbitration with Vyatcheslav Rovneiko
Urals Energy, the independent exploration and production company
with operations in Russia, is pleased to announce that its
longstanding dispute with a former Director and manger of the
Company Vyatcheslav Rovneiko has been settled in Urals' favour.
As previously announced to the market, the Company instituted
arbitration proceedings in London against a former Director and
manger of the Company Vyatcheslav Rovneiko to recover amounts
advanced to him pursuant to a Loan Agreement, the principal sum of
which was US$3,730,000.
Following hearings in the arbitration, the arbitrator issued a
Partial Final Award on Preliminary Issues on 21 June 2012 pursuant
to which the respondent is liable to repay to the Company the
entire principal sum due under the Loan Agreement, plus interest.
The final quantification of the respondent's liability to pay
accrued interest and the question of costs remain to be determined
by the Tribunal within the next several weeks.
The case was vigorously defended by V. Rovneiko who asserted
several defences in order to avoid his legal liability to the
Company. However the Company has prevailed and intends to seek all
available measures to recover the amount owing to it, including
seizing assets of the former Director if that is necessary.
CEO Alexei Maximov commented: "We are pleased with the outcome
of the arbitration, recognising the former manager's obligation to
the Company and are happy to report to our shareholders that yet
another legacy issue has been resolved as had been promised by the
management in the beginning of 2010".
Enquiries:
Urals Energy Public Company
Limited +7 495 795 03 00
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Alexei Maximov
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Sergey Uzornikov
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Allenby Capital Limited +44 (0)20 3328 5656
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Nick Naylor
Alex Price
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Pelham Bell Pottinger +44 (0)20 7861 3232
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Mark Antelme
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Maria Blank
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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