RESOLUTION OF THE SUPREME ECONOMIC COURT OF UKRAINE

of January 12, 2006 No. 3/321

About purchase agreement cancelation - sales of shares, return of the block of shares to property of the state, recovery of penalty for failure to carry out of terms of the contract

(the resolution of Trial chamber on economic cases of the Supreme Court of Ukraine of 09.03.2006 it is refused initiation of production on review)

The Supreme Economic Court of Ukraine as a part of board

the chairman - Usenko E. A.

judges: Bakulina S. V., Glaus O. I. having considered the writ of appeal of Fund of state-owned property of Ukraine on the resolution of the Kiev Economic Court of Appeal of 27.10.2005 on case N3/321 of economic court of Kiev on the claim of Fund of state-owned property of Ukraine to First Investment Company private company of National Register private company the third parties on the party of the claimant "Vishnivsky Foundry and Forge Plant" open joint stock company the State Treasury of Ukraine about purchase agreement cancelation - sales of shares, return of the block of shares to property of the state, recovery of penalty for failure to carry out of terms of the contract with the participation of agents of the parties:

from the claimant - Vakulenko N. V., Shramk A. V.

from the defendant - Shmidt M. G.

from the third party - Poluyektova G. O.

ESTABLISHED:

The decision of economic court of Kiev of 26.07.2005 (the judge of Hilinsk V.V.) left without changes by the resolution of the Kiev Economic Court of Appeal of 27.10.2005 (the judge Zelenin V. O., Repin L.O., O. F. Titmouse), is refused satisfaction of the claim for those reasons that First Investment Company Ltd according to Item 11.1.4 of the agreement of 14.08.2003 NKPP-414 of purchase sale of the block of shares of JSC Vishnivsky Foundry and Forge Plant within corporate laws promoted observance of types of economic activity and production volumes of the specified plant which took place at the time of the conclusion of noted agreement.

In the writ of appeal FGI of Ukraine asks to abolish judgments which took out on case, referring to their discrepancy Art. 614 of Civil Code of Ukraine.

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