By John Helmer, Moscow
Are they real teeth in the tiger’s mouth, or are they falsies?
This is the question which shareholders of two Canadian-listed junior goldmining companies have been asking since the two companies, both apparently controlled by Russian mining entrepreneur Maxim Finsky (image), proposed an all-share merger on the basis of valuation of assets buried in the wilds of eastern Siberia.
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By John Helmer, Moscow
Russia’s price watchdog, the Federal Antimonopoly Service (FAS), plans soon to impose a hefty fine on the Evraz group’s lead mill at Nizhne Tagil (NTMK) for rigging the prices of steel profiles or sections in violation of the law on competition and non-discriminatory pricing. Maxim Ovchinnikov, head of the FAS industry department, said the agency had completed its investigation and issued its ruling against Evraz last November, judging the company in violation of Article 10 of the Law on Protection of Competition “in setting and maintaining monopolistically high prices for Z sections of steel , grades 09G2S and 12G2FD.”
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By John Helmer, Moscow
Elena Baturina won an unusual battle against Rupert Murdoch’s journalism last week. It is yet another demonstration that when it comes to dispensing Russian justice, the London courts are the only ones who do.
The court case, decided by a three-judge panel of the UK Court of Appeal on March 23, concerns the meaning to be ascribed to the homes of the wealthy, in particular the house Murdoch’s men claimed to belong to Baturina, when apparently it didn’t, and they were wrong. The Court of Appeal has ruled that in this case, the mistake of fact also constitutes a case of innuendo whose defamatory meaning Baturina is now free to litigate against the Times.
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By John Helmer, Moscow
In bringing to a close yesterday six years of investigation and litigation, and more than $800 million worth claims by state shipping company Sovcomflot, Justice Andrew Smith of the UK High Court has issued two batches of rulings, totaling 478 pages of findings of fact and judgements of law. Together, they represent the most thorough due diligence ever attempted and published of a Russian state company, or of an international shipping company for that matter.
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By John Helmer, Moscow
A second judgement of the UK High Court, issued this morning by Justice Andrew Smith, has condemned Sovcomflot and dismissed a second round of claims, which the state-owned Russian shipping company argued over three days of hearings last month.
The new ruling, issued in two parts, vindicates for the second time Dmitry Skarga, chief executive of Sovcomflot before he was ousted by Sergei Frank in 2004; and Tagir Izmailov, chief executive of Novorossiysk Shipping Company (Novoship), who was forced out of his post by Frank, as Sovcomflot moved to take over Novoship in 2006.
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By John Helmer, Moscow
In his first extended interview since taking over Alrosa in July of 2009, chief executive Fyodor Andreyev said in a Moscow newspaper yesterday that Alrosa’s diamond investment strategy puts Russia first, Africa last.
According to Andreyev, his predecessors’ efforts to build new diamond mines in Angola and explore for diamonds in Namibia, the Democratic Republic of Congo, and Botswana reflect “a kind of fascination with fashion [that] is not quite correct.” The money spent in Africa should have been spent in Russia, he suggested. “At this time we lacked the investment for projects in Arkhangelsk, we do not develop projects in Yakutia. Therefore, my position is — we must complete what we have to”, completing the transition to underground mining as the first priority.
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By John Helmer, Moscow
Following the Fukushima disaster in Japan early this month, Russian government safety checks of all operating and experimental reactors have triggered skepticism that the experimental floating nuclear reactor vessel, Academician Lomonosov (right image), will be commissioned shortly, then towed to the Sea of Okhotsk, off the Kamchatka peninsula. Prime Minister Vladimir Putin has announced the order for the check of the 31 operational nuclear reactors, which produce about 22 gigawatts, or about 10% of Russia’s currently installed power capacity.
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By John Helmer, Moscow
At least two things are obvious about the Wikileaks disclosures on Russia – one is that a great many cables from the US Embassy Moscow are available in the quarter of a million files obtained by the Guardian newspaper of London; the second is that very few of these have been released so far, none of them of significance.
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By John Helmer, Moscow
Budding actors are usually taught to beware the unintended effects of spotlights. By focusing light, they can bring out an audience’s curiosity in what is going on in the dark, off stage, especially if the actor delivers lines that have been heard before, or delivered weakly.
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By John Helmer, Moscow
It is now one week since Rusal obliged Norilsk Nickel to call an extraordinary meeting of shareholders for a fresh round of voting on the Norilsk Nickel board . This is the third such vote; the first was at the regular annual shareholders meeting of Norilsk Nickel on June 28, last year; the second followed on October 21. There will be a fourth when the Norilsk Nickel shareholders return for their annual general meeting in another 12 weeks.
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