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. Last Updated: 07/27/2016

EMK Arbitration

MOSCOW -- The Moscow arbitartion court on Tuesday extended temporary administration at holding company Energomashinostroitelnaya Korporatsiya until March 24.

The holding had been placed under temporary administration on Sept. 15 last year after creditors with outstanding claims of about 800 million rubles ($35.1 million) filed a bankruptcy suit against EMK, which holds significant stakes in more than 20 major heavy machinery manufacturers.

The creditors are accusing EMK's former managers of diverting the holding's assets, mainly stakes in major machine builders, to an entity with a similar name controlled through offshore companies.