New ruling imperils TV-6
Judges rule earlier verdict contradicts legislation
Eduard Renov, deputy president of Russia's Higher Arbitrage Court, has ruled that the earlier verdict contradicted legislation -- even though the law underpinning the case was revamped Jan. 1.
The case will be reconsidered Friday. If the result goes against TV-6, it must start wind-up proceedings at a general meeting Jan. 14.
TV-6 was fighting bankruptcy after Lukoil-Garant, a subsidiary of government-backed petroleum giant Lukoil and a 15% shareholder in the station, invoked a rarely used law demanding a company close if its net assets are less than its founding capital.
TV-6 is openly critical of President Vladimir Putin, and many saw the court proceedings as an attempt to end a politically contentious situation.
Channel topper Yevgeny Kiselyev cited the unprecedented speed with which Renov's protest was formulated, particularly during the country's long New Year's break. "To overturn everything so quickly, they managed to force the Dec. 29 judges to write up their evidence supporting the verdict -- a document of many pages in length -- and deliver it to the Higher Arbitrage Court, then formulate a protest and send it off to all parties concerned," Kiselyev said.
Other sources pointed out that Renov is a board member of Rosneft, an oil company associated with petroleum giant Lukoil, thus bringing his independence into question.
Press reports also have suggested that Boris Berezovsky, who owns 75% of TV-6, is talking to U.S.-backed Moscow investment fund TPG Aurora about selling his stake. The deal, cited in the Financial Times, was for $140 million to $200 million, depending on future performance and revenues at the station. Berezovsky has denied the rumors.
