OREANDA-NEWS. November 18, 2011. The Labor Union of Vanino Commercial Sea Port applied to Russian President Dmitry Medvedev and Prime Minister Vladimir Putin for assistance in its dispute with Port Vanino shareholder – Cyprus-based Soleggiato Investments Limited, the Union said Friday.

The company employees’ resentment was caused by the activities of Soleggiato Investments Ltd., which owns 21.6% of the voting stock in Port Vanino. The shareholder seeks to replace the Vanino port general director and spreads negative information about the company, Labor Union said. The Union cites the strategy program presented to the Board of Directors. The Union alleged the stockholder wants to lay hold of the state-owned stake of the stevedore company. The candidate offered by Soleggiato Investments Ltd. for the post of general director, had previously been dismissed as manager of another entity, "since he fell down on the job." Besides, the candidate, whose name is not disclosed, heads a company, which appeared to be one of the bidders in auction for the sale of Vanino port’s state-owned shares, the Union statement said.

"This shows that the company intends to gain control over the port, bypassing the privatization legislation… spreading false information about the company to knock down the stake value," the Labor Union said. The stockholder’s strategy presented to the Board is believed to be aimed at job cuts.

Previously, the auction for the sale of state-owned 55% of authorized stock (73% of common shares) of Port Vanino had been canceled by the Federal Property Management Agency in July as the bidding winner Saltekhstroy failed to pay out RUB 11 bn for the stake.

Vanino Commercial Sea Port (Port Vanino) is the major operator of Port of Vanino (Khabarovsk Territory). The port is a gateway for trade flows between Russia and Japan, South Korea, China, Australia, USA and other countries of Asia Pacific Region. Vanino also handles imports shipped to the northern regions of Russia. The port operates the waterfront of about 2.5-km with three specialized cargo handling facilities. In 2010 throughput of Port Vanino rose to about 6 million tons (+0.2% yoy).