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Monday, May 12, 2008 Updated at 12 May 2008 1:11 Moscow Time

The Moscow Times » Issue 3898 » Business

New Claims In Rosneft Power Case

08 May 2008By Nadia Popova / Staff WriterA Rosneft subsidiary filed new claims against TGK-11 in a Moscow court on Wednesday, saying the vote to create the utility was invalid because the shareholders' ballots were miscounted.

The claim came as a surprise after Anatoly Chubais, CEO of Unified Energy System, TGK-11's parent company, said last month that then-First Deputy Prime Minister Dmitry Medvedev had stepped in to mediate the dispute between the state-owned companies.

The fight revolves around the creation last year of TGK-11, one of western Siberia's largest electricity generators. Rosneft unit Neft-Aktiv filed a suit in February saying it did not receive a ballot for an August shareholders meeting in absentia, where Tomskenergo, in which it had a minority stake, was merged into TGK-11. The moved diluted Neft-Aktiv's stake. TGK-11 rejected the complaint, saying Neft-Aktiv received the documents in time.

On Wednesday, Neft-Aktiv lawyers said at a preliminary hearing in Moscow Arbitration Court that the vote was invalid because of procedural violations.

"The ballots were counted by one person, even though there had to be a commission of three, and the ballots were miscounted," head lawyer Dmitry Chernyakov said.

Chernyakov also said TGK-11 had violated its charter by not announcing the meeting in the Krasnoye Znamya newspaper. His team read all 11 newspapers published in the country under that name and found nothing, he said.

Instead, the notification was discovered in Tomsk newspaper Vykhodnoi, he said. It was buried between the horoscopes and the crossword puzzle.

TGK-11 lawyer Anna Kaflevskaya declined to comment on the claims, saying she had to read them more closely.

The next hearing will be May 30.

Dmitry Terekhov, a utilities analyst at the Metropol brokerage, said Wednesday that only a political decision would bring a quick resolution to the dispute.

"Medvedev didn't seem to have much time to deal with the case before his inauguration, but he may pay more attention to the dispute sometime soon," Terekhov said.