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9 February 2005 |
Supreme Arbitration Court Rules Against Ministry of Finance
Vegas-Lex attorneys, who are working with RAO UES on its coordinated defense of lawsuits by the Russian Ministry of Finance for repayment of government loans and credits, represented Tambovenergo, JSC in a case before the Supreme Arbitration Court of the Russian Federation. Reviewing the decisions of the Arbitration Court of Tambov Province and the Federal Arbitration Court for the Central District in favor of our client, the Supreme Arbitration Court denied the motion by the Ministry of Finance to send the case to the Presidium of the Supreme Arbitration Court. Finding that the decisions by the lower courts were based on a complete and comprehensive review of the facts, the Ministry's motion to reconsider the decisions was denied.
In this case, the Ministry of Finance and its agent (a commercial bank) failed to create a judicial precedent favorable to them. However, these decisions will not bind appellate courts in cases involving other energy companies, because they are based on specific facts applicable only to this case. The order entered by the Supreme Arbitration Court is entirely consistent with the objective the client hoped to achieve by assigning the case to the Firm, and it fully protects the interests of Tambovenergo, JSC.
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