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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Urals EN. | LSE:UEN | London | Ordinary Share | CY0107130912 | ORD USD0.126 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
TIDMUEN
RNS Number : 1694G
Urals Energy Public Company Limited
26 June 2012
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Settlement of arbitration with Vyatcheslav Rovneiko
Urals Energy, the independent exploration and production company with operations in Russia, is pleased to announce that its longstanding dispute with a former Director and manger of the Company Vyatcheslav Rovneiko has been settled in Urals' favour.
As previously announced to the market, the Company instituted arbitration proceedings in London against a former Director and manger of the Company Vyatcheslav Rovneiko to recover amounts advanced to him pursuant to a Loan Agreement, the principal sum of which was US$3,730,000.
Following hearings in the arbitration, the arbitrator issued a Partial Final Award on Preliminary Issues on 21 June 2012 pursuant to which the respondent is liable to repay to the Company the entire principal sum due under the Loan Agreement, plus interest. The final quantification of the respondent's liability to pay accrued interest and the question of costs remain to be determined by the Tribunal within the next several weeks.
The case was vigorously defended by V. Rovneiko who asserted several defences in order to avoid his legal liability to the Company. However the Company has prevailed and intends to seek all available measures to recover the amount owing to it, including seizing assets of the former Director if that is necessary.
CEO Alexei Maximov commented: "We are pleased with the outcome of the arbitration, recognising the former manager's obligation to the Company and are happy to report to our shareholders that yet another legacy issue has been resolved as had been promised by the management in the beginning of 2010".
Enquiries:
Urals Energy Public Company Limited +7 495 795 03 00 ----------------------------- -------------------- Alexei Maximov ----------------------------- -------------------- Sergey Uzornikov ----------------------------- -------------------- Allenby Capital Limited +44 (0)20 3328 5656 ----------------------------- -------------------- Nick Naylor Alex Price ----------------------------- -------------------- Pelham Bell Pottinger +44 (0)20 7861 3232 ----------------------------- -------------------- Mark Antelme ----------------------------- -------------------- Maria Blank ----------------------------- --------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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