9th Apr 2015 14:03
LONDON (Alliance News) - Urals Energy PCL Thursday welcomed a decision made by a court in Moscow that rejected a second appeal by Komineftegeofizika OAO and revoked the suspension of enforcement procedures that had been in place.
Last month Komineftegeofizika had filed a second appeal after losing a case in January over a USD500,000 loan payment owed to Urals. Although Urals had expected the court to order the collection of the loan, Komineftegeofizika filed the second appeal with the cassation court and submitted a motion to stop enforcement of the debt.
"The company is pleased to announce that a cassation hearing took place today on KNGF's second appeal at Commercial Court of Moscow District. The court agreed with the decisions taken earlier by the court of first instance and the appeal court and refused to satisfy the KNGF's second appeal. The court also revoked the suspension of enforcement procedures by Urals Energy that were imposed until the court's decision had been issued," Urals Energy said in a statement.
Chairman Andrew Shrager said the company will now mull over the "best way" to enforce the court's decision.
Urals shares were up 9.1% at 3.00 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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