MOSCOW, November 8 (RIA Novosti) - A Moscow court of appeals has invalidated a decision by shareholders of a Moscow refinery on 2004 dividend payments, a RIA Novosti correspondent reported from the courtroom Tuesday.
The court upheld the appeal filed by Fenix Assets Management Ltd. (controlled by oil major Sibneft) and Richard Enterprises (a subsidiary of Tatneft oil company), who disagreed with a decision made by shareholders at a meeting in June 2005 to pay 2004 dividends on preference shares only.
The Moscow Oil and Gas Company holds a controlling interest in the Moscow refinery. The refinery's shareholders affiliated with Sibneft hold 38.5% and shareholders affiliated with Tatneft own 8% of the refinery's shares.
