Supreme Court nullifies the election of Turboatom’s CEO

According to Svarog Asset Management (the largest private shareholder of Turboatom (TATM)), yesterday the Supreme Court of Ukraine recognized the election of CEO Viktor Subotin at the company’s AGM on August 28, 2007 as invalid. The court nullified decisions by lower courts that recognized the August 28, 2007 AGM as valid.  Alexander Paraschiy: The court’s decision is technical – it does not settle the dispute between Subotin and Konstantin Grigorishyn (beneficiary of Svarog) for control over Turboatom. Subotin will remain CEO, as he was re-elected at the company’s EGM on March 14, 2008. Still, taking into account that Subotin’s main supporter, Valentina Semenyuk (ex-head of the State Property Fund) has resigned, we expect that at the next AGM/EGM he will be replaced by a person close to Grigorishyn.