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Russia denies seizure of its 5% stake in EADS by Noga

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DAVOS, January 25 (RIA Novosti) - A 5% stake held by Russian state-run corporation Development Bank (Vnesheconombank) in the European Aeronautic Defense and Space Company (EADS) is not among Russian assets frozen in France, the corporation's head said Friday.

Last Thursday Antoine Korkmaz, a lawyer for the Swiss firm Noga, said EADS shares were among some 15 Russian assets held in French banks and companies, such as Calyon and Natexis, that had been seized by bailiffs January 2, at Noga's request.

"Eads assets have not been seized," Vladimir Dmitriyev said. "At least we have no information about this."

Russian foreign trade bank VTB bought the stake in EADS over a year ago for around $1 billion. The bank sold the stake to the Development Bank in late 2007.

Since 1993, the Swiss firm has repeatedly applied for the seizure of Russian property abroad, including Russian Central Bank accounts in France and a sailing vessel and military planes brought into the country for shows, to secure the repayment of debts under barter oil deals struck with Russia's government in the early 1990s.

The Swiss trading firm estimates that the Russian government owed it some 49 million euros ($73 million).

Russian government property in France was seized pursuant to a ruling passed by the Stockholm Arbitration Court in favor of Noga in 1997.

However, lawyers representing the Russian side say that Noga has misled the French judicial authorities, as it no longer has a right of claim under the arbitration ruling.

The Swiss Supreme Court in Lausanne upheld Noga's claim against Russia, the country's ATS news agency reported Thursday.

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