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Rosneft Documents Decision Reversed

The Federal Arbitration Court on Tuesday rescinded a decision by lower courts that had obligated the state-run oil company Rosneft to present confidential documents to minority shareholder and transparency activist Alexei Navalny, Navalny wrote on his Twitter blog, Gazeta.ru reported.

"Something strange and unthinkable has happened: The Federal Arbitration Court has partially repealed earlier decisions regarding Rosneft documents and has ordered a new hearing," Navalny wrote.

"This is just garbage. It brings everything back to square one," he later added.

In April the Ninth Arbitration Appellate Court compelled Rosneft to present Navalny minutes of board meetings that had taken place in 2009, considering shareholders' rights to transparency.

Navalny, fighting to uphold shareholders' rights to information about state companies' activities, has been engaged in a legal battle with Rosneft since last year.

In early July, Rosneft, Transneft, Surgutneftegaz and TGK-2 requested that Deputy Prime Minister Igor Sechin revoke a recently passed bill significantly increasing the rights of minority shareholders to obtain information about joint-stock companies.

All four companies are facing conflicts with minority shareholders — Rosneft and Transneft with Navalny.

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