Tymoshenko aimed at Savchuk's advantage

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Source: Economic news

Alexander Savchuk's desire to remain the only applicant for a state block of shares of "Azovmash" ran on resistance of Cabinet of Ministers. The government plans to challenge in court the solution of meeting of shareholders of joint stock company on reorganization in joint stock company. Lawyers claim that the outcome of a possible lawsuit will depend on, whether it will manage to representatives of Cabinet of Ministers to find and prove existence of violations during this meeting.

Yesterday the minister промполитики Vladimir Novitsky declared that at meeting of Cabinet of Ministers the assignment is given to carry out legal expertize of transformation of "Azovmash" and to prepare an appeal to the court.

Shareholders of JSC Azovmash the largest of which are the state in the person of FGI and the UPTK company of Alexander Savchuk, voted for such option of reorganization at meeting on August 19. Transformation of "Azovmash" to joint stock company allocates UPTK (50%-1 actions of joint stock company) the privilege to repayment of the state package (50% + 1 action belong) if the decision on sale of securities is made.

And if by the current legislation this right could be bypassed, in the law adopted yesterday on joint-stock companies (which will be transformed in private) directly and the norm about the privilege is quite extensively registered. It works within two months from the date of receiving by society of the message on intention to sell actions.

However, in the State property fund claim that about privatization of a state block of shares of "Azovmash" the speech doesn't go at all, and explained support of reorganization to that thus the state asset is protected from possible raider captures. "Let's give the enterprise on worry to raiders, and then we will long consider this question on the anti-raider commission in Cabinet of Ministers"? ironically the chairman of FGI Valentina Semenyuk - Samsonenko commented. Which raiders mean, she didn't specify.

Representatives of plant refused official comments, however as anonymity noted that don't exclude the most various outcomes of a possible lawsuit.

The managing partner of lawyer firm "Legal Advisers" (presents to "Azovmash" юруслуги) Pavel Elnik told that the Cabinet of Ministers could appeal against this decision if he was the shareholder and as, according to the legislation, interests of the state are represented in this case by FGI, and the decision on vote remains behind fund. According to mister Elnik, the question of reorganization of society is only within the competence of meeting of shareholders.

According to the partner юрфирмы Alexey Reznikov's Magisters, "if during this meeting wasn't violations, the representative of the state as the shareholder, I had all necessary powers and so on, it is difficult to present the bases on which the solution of meeting of shareholders will be nullified". If any formal violations are found, the lawyer considers, for example, concerning the order signed by the head of FGI in which instructions concerning each item on the agenda have to be accurately stated, lawyers of Cabinet of Ministers can have chances to cancel this decision.

Yulia Timoshenko already has experience of cancellation of initiatives of Alexander Savchuk on fixing on "Azovmash". In August, 2005 its government cancelled the order No. 541-р, accepted in 2003. Victor Yanukovych's Cabinet of Ministers. The order transferred to JSC UPTK management a state block of shares in 25% for five years, and also allowed state share reduction from 50% + 1 action to 25% due to carrying out additional issue of actions.


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