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$58 mln award to defrauded Silvinite shareholder upheld

15:41 22/03/2012

MOSCOW, March 22 - RAPSI. The Seventeenth Commercial Court of Appeals has upheld a court decision awarding former Silvinite shareholder Anatoly Lomakin $58.2 million from the Uralkali calcium chloride producer and the Computershare Registrar.

Computershare Registrar is the registrar of Sylvinite's shares.

The Perm Territory Commercial Court satisfied on January 11 Lomakin's lawsuit to recover 1.7 billion rubles ($58.2 million) from the Computershare Registrar and Uralkali as compensation for illegally writing off his stake in Silvinite.

Both defendants appealed the decision. The Ingosstrakh insurance company, the third party in the case, also challenged the decision in court.

The court found that over 111,000 of Sylvinites ordinary shares were deposited on Lomakin's account at the Computershare Registrar as of June 20, 2010.

In September 2010, the Computershare Registrar received a fake order issued on behalf of Lomakin to transfer the shares to another depository. The shares were then sold on the stock exchange using another fake order.

When Lomakin found out about the loss of the shares on September 25 and claimed to suspend operations, about 62,000 of Silvinite's shares had already been sold.

Lomakin appealed to the police to open a criminal case and investigate the incident. He also filed a lawsuit against the issuer and the Computershare Registrar seeking to offset losses for illegally writing off the shares from his account.

After its merger in the second quarter of 2011with Silvinit, Russia's largest potassium chloride producer, Uralkali became the world's number-one potassium chloride producer.

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$58 mln award to defrauded Silvinite shareholder upheld

15:41 22/03/2012 The Seventeenth Commercial Court of Appeals has upheld a court decision awarding former Silvinite shareholder Anatoly Lomakin $58.2 million from the Uralkali calcium chloride producer and the Computershare Registrar.
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