Moscow Arbitration Court ceases Sibneft's shares

The Arbitration Court of Moscow dismissed YUKOS's petition and confirmed the decision to cease 2.7bn Sibneft shares as well as the whole additional issue of YUKOS's shares that is being contested. The Arbitration Court of Moscow ceased these blocks of shares on February 16, 2001 as an interim relief for N.P.Gemini Holdings and Nimegan Trading lawsuit. In addition, on March 1, 2004 the court sustained the case and voided the decision of the Federal Securities Commission to register an additional issue of YUKOS's shares dated July 22, 2003. The Court deprived Deutsche Bank Depository and the company's registrar of the right of disposal of these blocks of shares. According to the plaintiffs, there is a possibility that these shares will be carved out and that is why the interim relief petition was taken to court.

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