Gazprom Subsidiary Withdraws Its Suit Against Media-MOST

Lidvill Investment Ltd., a company within Gazprom-Media, which in turn is a subsidiary of Gazprom, withdrew its suit on recovering 429m rubles (about $15m) from Media-MOST. This suit was filed to the Moscow Arbitration Court on April 23. As reported earlier, Media-MOST was to transfer shares of its three companies (Russkoye Video, Baikal TV and the 4th channel TV company) to TNT television according to an agreement signed between Media-MOST and Gazprom. In the event the shares were not transferred, the media holding was to repay about $15m in fines to the plaintiff. When the terms of the agreement were not implemented and no shares were transferred, Lidvill Investment Ltd. filed a suit, which was withdrawn today.

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