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. Last Updated: 07/27/2016

Business in Brief

Court Seeks Rebgun Fine

A Dutch court is seeking a 500,000 euro ($705,000) fine from former Yukos receiver Eduard Rebgun for ignoring its orders in handling the bankruptcy of the fallen oil giant.

Moscow court marshals delivered Rebgun a notice July 24 demanding that he pay the fine for flouting an Amsterdam court ruling, Kommersant reported Tuesday.

The Amsterdam court ruled in October 2007 that Rebgun had unlawfully dismissed two directors of Yukos Finance the previous year. Ruling on a complaint from Yukos’ main shareholder, privately held Menatep Group, the court ordered Rebgun to reinstate the directors. Rebgun said he missed the fine’s July 26 deadline because he stopped being the company’s receiver before the court handed down its decision in October 2007. (MT)

Sistema’s Bond Issue

Sistema issued 20 billion rubles ($626 million) of bonds Tuesday in the biggest bond offering from a Russian corporation so far this year, the company’s press office said in a statement.

The bonds will have a five-year maturity and carry a 14.75 percent annual coupon, with interest paid out twice per year, the statement said. The auction was held by Renaissance Capital. (MT)

 RZD Builds Bypass Railway

Russian Railways built 22 kilometers of a rail link bypassing a sinkhole formed after the flooding of a Uralkali potash mine in 2006, the company said in a statement Tuesday.

The first stage of a single-track link between Yaiva and Solikamsk will be operational in December, the company said. It will be connected to Berezniki in 2010 and start passenger services that year. (Bloomberg)

Venezuela Block’s Reserves

Venezuela’s Junin 6 oil block may hold 53 billion barrels of oil, Deputy Prime Minister Igor Sechin said Tuesday in a statement sent by Venezuela’s information ministry.

“The geological reserves of this block amount to over 53 billion barrels,” Sechin said. The two countries signed a preliminary agreement giving Gazprom, LUKoil and other energy companies access to the area. (Bloomberg)

Court Freezes Mirax Assets

The Moscow Arbitration Court on Tuesday froze $241 million in assets of two firms — Mirax City and International Center — that are part of Mirax Group for failing to repay loans to Alfa Bank, Interfax reported. (MT)

Novatek Profits Rise

Novatek’s net profits rose to 7.16 billion rubles ($224 million) in the second quarter, compared with 7.05 billion rubles in the same period of last year, the company said Tuesday in a statement.

Total revenues rose to 23.15 billion rubles, an 8.4 percent increase over the second quarter of 2008, the company said. (Reuters)

Severstal May Sell Bonds

Severstal may sell as much as 45 billion rubles ($1.4 billion) of bonds to refinance debt, a company spokeswoman said Tuesday.

The company gained regulatory approval to sell the three-year bonds, and the timing and size of the offer depend on company needs, the spokeswoman said. (Bloomberg)