Russian court throws out Russia Partners’ suit vs Eurocement Group
The Moscow Arbitration Court Friday threw out a lawsuit filed by affiliates of U.S. investment fund Russia Partners against Russia’s Eurocement Group over alleged profit stripping.
The companies that filed the lawsuit have decided to withdraw it, according to earlier reports.
Russia Partners’ affiliates Kolden Holdings and Serpell Holdings accused Eurocement Group of stripping profits from Russian cement producer Eurocement in 2004 and wanted Eurocement Group to pay 3.349 billion rubles in compensation to Eurocement.
Eurocement Group holds 55.6% in Eurocement, while Kolden Holdings and Serpell Holdings hold a combined 44.4% stake. Published under Cement News
