NTV Control Stock Goes Over To Gazprom-Media

The Moscow municipal court made a verdict today in favour of the Lidville Investment, Ltd., Gazprom-Media affiliate, for 19% of NTV television company stock. The claimant is also entitled for 25% blocks plus one share or comparable parts of fixed assets of another 23 companies within Vladimir Gusinsky's Media-Most holding-the NTV Plus, Seven Days Publishers and the Moscow Echo radio company among them. The defendants--the Media-Most and the Gibraltar-based Media-Most Capital & Management, Ltd., one of the overseas NTV stockholders--were assumed to violate the terms of an understanding to settle a Media-Most debt to the Gazprom-Media, made by the Lidville Investment, Ltd. and the Media-Most Capital & Management, Ltd., November 17, 2000. One of its clauses allowed the Lidville to claim ownership of the 19% NTV block in its mortgage holding, and blocks of another 23 Media-Most affiliates in case the Media-Most Capital & Management encumbered the stock. The plaintiff's lawyers accused the Media-Most of violating the arrangement by appealing to Gibraltar's Supreme Court, January 8, to arrest a 19% NTV block. The Gazprom-Media is presently the biggest NTV holder, with 46%, and will have a total 65% unless today's verdict is challenged within the next ten days.