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Oblenergo Conflict Solved?

Oblenergo Conflict Solved?

12 October 2008

The Ukrainian Supreme Court denied an appeal made by OFR against the decision of the Kyiv Economic Court.  The failure of OFR?s appeal means that the Economic Court?s earlier ruling stands and a different company ISR is the official registrar of Lvivoblenergo (LVON: BUY), Poltavaoblenergo (POON: HOLD), Chernihivoblenergo (CHEON: SELL) and Prykarpatoblenergo (PREN: BUY). Concorde Capital: When Grigoriy Surkis, a shareholder in several Ukrainian utilities, dismissed the management at the Oblenergos which were close to a rival shareholder Konstantin Grigorishyn, he also changed the registrar company OFR to ISR, a company he has ties to. However, after the ?Orange Revolution,? Surkis lost his political connections, and the legitimacy of changing the distribution companies? registrar began to be questioned. For Surkis the latest decision by the Supreme Court represents his final victory in the conflict. This news is positive for all minority shareholders in the Oblenergos he manages, as the legitimacy of all the transactions with companies? shares cannot be questioned now.

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