Russia’s Inter RAO files 200 mln rbl suit vs Irkutskenergo’s execs

MOSCOW, Nov 5 (PRIME) -- Russian power holding Inter RAO, the owner of 40% in power utility Irkutskenergo, has filed a suit to the Arbitration Court of the Irkutsk Region demanding six current and former members of Irkutskenergo’s board of directors and CEO redeem 199.7 million rubles, as seen by PRIME in the court’s materials on Thursday.

The suit was filed by Inter RAO on behalf of Irkutskenergo. The court has initiated proceedings over the suit and slated preliminary hearings on December 1. A representative for Inter RAO said that the holding demanded that executives compensate the damage that they had inflicted on the company with their actions.

A source familiar with the matter told PRIME that the suit is connected to a purchase by Irkutskenergo of stakes in the Krasnoyarsk hydropower plant from power utility EuroSibEnergo. The shares were to be returned at a higher price, but the deal was cancelled and the sale did not happen, although Irkutskenergo received compensation, the source said.

“We think these assumptions (of Inter RAO) are invalid and are sure that members of the board of directors acted in the interest of the company, as Irkutskenergo received significant profit as a result of the deal,” a representative for Irkutskenergo told PRIME.

(63.8525 rubles – U.S. $1)

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