Russian court throws out Russia Partners’ suit vs Eurocement Group

Russian court throws out Russia Partners’ suit vs Eurocement Group
Published: 20 April 2007

The Moscow Arbitration Court Friday threw out a lawsuit filed by affiliates of US 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 RUB3.349bn in compensation to Eurocement.

Eurocement Group holds 55.6% in Eurocement, while Kolden Holdings and Serpell Holdings hold a combined 44.4% stake.