Arbitration Court to hear appeal for voiding deal on shares in Babayevsky concern

The Moscow Arbitration Court will hear a lawsuit filed by the Naouape Holdings Ltd (Cyprus) against the Babayevsky Confectionery Concern, the Amidis company, Inkombank and the Central Depository of Moscow to declare the agreement on selling 51.06% of the shares in the concern void, a source in the court told RBC. The plaintiff, which is a minor shareholder in the concern, has appealed against the sale of the controlling block of shares in the concern, which belonged to Inkombank, to the Amidis company for RUR700m ($22.05m). A district court in Tyumen declared this agreement void in July 2002, but the Presidium of the Tyumen Regional Court revoked that ruling on September 13, 2002. However, the shares in dispute had been reassigned to Inkomban again, and an auction for them was held on October 25, 2002.