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Alleged Violations In the Chemogorneft Bankruptcy Process
TNK President Kukes said thai he bribed local officials.
Sputnik said that they were not permitted to participate in the Chemogomeft auction. They said that Cheraogomeft did not provide them with the proper materials needed to bid on the auction.
Following an appeal by Sputnik to the Nizhnevartovsk court, the court on 23
November granted an injunction stopping the Chemogomeft sale. The same court reversed itself two days later.
Sidanko shareholders tried to stop tbe auction by riling suits in several Russian courts. Sidanko shareholders said that the auction organizers' armed guards did not allow bailiffs to deliver court orders postponing the sale from Moscow and Kemerovo district courts.
Although the mechanics of the Chemogomeft auction did comply with the letter of the Russian law, accordingussian company thai examined the procedure, some aspects of the sale seem questionable.
T) omen's winning bidne-third of Chemogomcft'i value according to oilbelow the starting price0 million but well above the rrunimum allowable bid4 million.
Two of the four bidders did not appear to have the financial resources to participate. Neftegaziny oil firm thatf Russia's total oil and gas condensaie. and another participantank that the Central Bank had decided to allow to go bankrupt
The Federal Service for Financial Reconstruction and Bazurzuptcy (FSFO) revoked Gorshkov's license as bankruptcy manager, but an arbitration court in Moscow set aside the FSFO order. In October, head of the FSFO Oecrgiy Tel appealed die decision to the Supreme Arbitration Court and asked for revocation of tbe original order installing external management ln Sidanko.
Former trustee manager at Sidanko, Sergey Kitin. disputed the legitimacyreditors meeting where Gorshkov wu nominated for external manager at Chemogomeft. An arbitration court In Khanty-Mansiysk named Gorshkov the manager In August Kitin argue* that former manager at Chemogomeft, Vaaily Bikin, altered the register of creditors of Chenogorneft The EBRD appealed the registry ruling to then-Premier Stepashin.
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Original document.
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