Court Refuses to Satisfy Appeal of MMK
OREANDA-NEWS. June 15, 2012. OJSC MMK (MMK) announces that on June 6, 2012 hearings were held at Arbitration Appellate Court Number 18 (the City of Chelyabinsk) to consider appeals brought by MMK and Flinders Mines Limited in order to discharge the injunction relief order issued by the Arbitration Court of the Chelyabinsk Region in support of the action brought by MMK minority shareholder Ms Elena Egorova. By the said action Ms. Elena Egorova challenges the decisions of the Board of Directors of MMK with regard to the transaction for the acquisition of a 100% stake in Flinders Mines Limited.
The Appellate Court refused to satisfy MMK’s appeal, leaving the injunction relief order in place, and dismissed the appeal brought by Flinders Mining Limited.
Commentary on further steps to be taken by MMK in respect of the action brought by the minority shareholder Ms Elena Egorova will be provided following the receipt of the full text of the ruling of the Arbitration Appellate Court Number 18.
MMK considers the action of the minority shareholder to be unjustified. MMK also affirms that it fully complied with all legal requirements during all stages of the acquisition of a 100% stake in Flinders Mines Limited.