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Businessman loses 10 mln euro lawsuit against leading mobile operator

11:02 06/03/2012

MOSCOW, March 5 - RAPSI. The Ninth Commercial Court of Appeals has upheld the lower court's dismissal of a lawsuit filed by entrepreneur Yevgeny Grafeyev against MTS, one of Russia's top three mobile operators, seeking 12.5 percent of its preferred stock and 2.5 percent of common shares as well as 10 million in moral damages.

The Moscow Commercial Court held against Grafeyev in November.

According to Grafeyev, he entered into a contract with MTS on August 17, 2001. The contract implied the purchase of 1,250 preferred and 250 common shares in Mobile Communications Systems. He paid MTS 4.668 million rubles ($159,000) under the contract.

The businessman seeks to invalidate the contract, take his shares back and recover moral damages.

Grafeyev maintained that he was both tricked and forced into signing the contract as the company threatened to increase its charter capital so that his stake would be diluted. He estimated his losses at 21 million.

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Businessman loses 10 mln euro lawsuit against leading mobile operator

11:02 06/03/2012 The Ninth Commercial Court of Appeals has upheld the lower court's dismissal of a lawsuit filed by entrepreneur Yevgeny Grafeyev against MTS, one of Russia's top three mobile operators, seeking 12.5 percent of its preferred stock and 2.5 percent of common shares as well as 10 million in moral damages.
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