"A litigation between the Noga firm and the Russian government was the subject of a protracted but already accomplished arbitration trial," says the press-release. "The court of arbitration imposed on the Russian government a penalty worth $55 million plus interest to be paid to the Noga firm and declined all other claims to the sum of more than $1.4 billion. "Press allegations that this country owes Noga $400 and $800 million are just incorrect," says the finance ministry.
The ministry indicates that the arbitration tribunal has come with a clear-cut ruling that the Russian government's action has not inflicted any financial difficulties upon the Noga firm.
Claims by Noga's Swiss lawyers that the Russian government agreed to settle Noga's $400 m - worth suit in 1994 are also groundless. "Not only did the court of arbitration turn down the suit, it ruled that the suggested settlement agreement had never come in force," reports the finance ministry.
"The Russian government disproves the recent pronouncement by the Noga firm that the Russian government had agreed to pay off $800 million to the Noga firm in accordance with a certain settlement agreement allegedly signed by the Russian government in July 2002. The Russian government did not sign in July 2002 a protocol mentioned by Noga's lawyers and has never authorised anybody to sign such a document on its behalf," says the release.
"The Russian government confirms its having more than once offered resolving the dispute with the Noga firm on terms coordinated with Russia's other creditors. This proposal remains open," said the finance ministry. "Noga has turned its back on all our proposals, insisting instead on a preferential decision. The Russian government cannot content the firm's demand on a preferential settlement of its financial claims without violating Russia's contractual and political obligations to grant all creditors compatible terms of settling their demands.
