50 million Euro cement deposit claim to be heard on March 12
MOSCOW, November 6 - RAPSI. The Kemerovo Regional Commercial Court will hear on March 12 a claim by Financial and Industrial Union Sibkonkord 's for Ciments Francais' return of a 50 million Euro deposit to Siberian Cement, the court told the Russian Legal Information Agency (RAPSI/rapsinews.com). Siberian Cement is a major cement producer.
The ruling to set the hearing date was passed following preliminary hearings.
The Supreme Commercial Court submitted the case for reconsideration to the first instance court on June 5. The court satisfied the France-based Ciments Francais' application to hold a supervisory review of the court's ruling, having dismissed the lower court's decisions.
Ciments Francais asked the Supreme Commercial Court to review the Kemerovo Court's decision dated August 13, 2011. The court upheld the Sibkonkord's claim against Siberian Cement, Ciments Francais, and the Turkey-based Istanbul Cimento Yatirimlari. The plaintiff sought to cancel a share-purchase contract and to oblige Ciments Francais to return 50 million euros to Siberian Cement.