Presidium Of High Arbitration Court Confirmed The Decision To Liquidate Tv-6 Company

Presidium of the High Court of Arbitration of Russia confirmed the decision on liquidating the closed-end joint-stock company "Moskovskaya Nezavisimaya Veshchatelnaya Korporatsiya (Moscow Independent Broadcasting Corporation), more widely known as the TV-6. On Friday, this higher court instance of the country confirmed the decision of the Moscow Court of Arbitration of December 27, 2001. The last year's decision was made on the suit of the non-state pension fund LUKOIL-GARANT which is the company's share holder. The independent TV company is accused of having assets lower than the minimal size of the authorized capital established by law. The appellate instance confirmed this verdict and gave the TV company six months for the liquidation procedure. On December 29 the Federal Court of Arbitration of the Moscow district examined the appeal of the TV-6 management, cancelled the decision on liquidation and sent the case for new investigation to the Moscow Court of Arbitration. "LUKOIL-Garant did not agree with this verdict and today the Higher Court of Arbitration finally resolved the dispute.