Ameropa to Appeal Russian Court Ruling
Ameropa AG, Binningen, Switzerland, said July 8 that it will appeal a verdict of a Russian criminal court which sentenced five representatives of shareholders of the Russian nitrogen producer Togliatti Azot, including Ameropa executives to sentences of 8.6-9 years and damages of $1.385 billion. Allegations of fraud were made against the defendants by Dmitry Mazepin, the Russian businessman who owns a minority stake in Togliatti and major stakes in Uralchem and Uralkali. Ameropa said the move was a raid on Togliatti and that authorities had previously taken control of all the shares not owned by Togliatti.
Ameropa noted that the court decision is not enforceable outside of Russia. The company said it will also make an investment arbitration claim under the Swiss-Russian Investment Protection Treaty. It noted that another lawsuit in the case is pending in Ireland in which Mazepin had to commit not to take possession of the Togliatti shares until there was a final verdict in Ireland.