After paying off its creditors, oil major Sidanko is trying to re-establish control over its Varyeganneftegaz production unit in western Siberia.
However, Sidanko's new, court-appointed external manager was refused entry by the acting administration when he tried to take up office Tuesday, Prime-Tass reported.
The Khanty-Mansiisk arbitration court on Friday confirmed Anatoly Balyakin as the new external manager of Varyeganneftegaz. Sidanko put Balyakin forward for the post after Sidanko paid off the production unit's 358 million ruble ($12.9 million) debts to bankruptcy creditors.
"The court also considered that we have provided bank guarantees for repaying Varyeganneftegaz' budget debt of 160 million rubles," said Sidanko press secretary Denis Davydov.
Sidanko plans on profiting from its subsidiary soon, since Sidanko's balance sheet for the fourth quarter of this year includes income from Varyeganneftegaz' activities.
However, the Alyans Group, which controlled Varyeganneftegaz from the start of its bankruptcy procedures early last year, had other ideas about the candidate for external manager.
Former Varyeganneftegaz head Oleg Makeyev, who represented the interests of Alyans, left his post for health reasons, and Alyans wanted to replace him with Leonid Borzunov, who was proposed for the post by the mayor of Raduzhny, which is near the production unit.
Alyans said it is entitled to do so since the group controls 76 percent of Varyeganneftegaz' creditors' debt.
Sidanko's payments are unlawful, Alyans said.
"According to legislation, the simultaneous redemption of debts by third persons is possible only once the appropriate agreement has been signed with the debtor and once this agreement has been approved by the meeting of creditors. None of this was done," said Alyans spokesman Sergei Bakunov.
Furthermore, payments to creditors can only be made from Sidanko's net profits upon a resolution of the meeting of company shareholders, Bakunov said.
Sidanko said it acted legally. Money for creditors is kept in a special account, which is permitted in some cases, including when the creditor refuses to receive the amount transferred to it, said Sidanko.
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