Spectator on facebook

Spectator on facebook

BUSINESS SHORTS

Court brings Transpetrol closer to Slovakia

THE SLOVAK government, which owns a majority share in Slovakia's Transpetrol oil pipeline operator, has come back into play as a possible buyer of the remaining 49-percent stake in the company.

A court in Amsterdam recognised Bruce Misamore and David Godfrey as the legitimate heads of Dutch shareholder Yukos Finance on October 31. Misamore and Godfrey favour a deal with Robert Fico's cabinet, the Pravda daily wrote.

The Transpetrol shares were bought five years ago by Yukos Finance's parent firm, Russian oil company Yukos, which declared bankruptcy in 2006. At the time, the shares were transferred to Yukos Finance, and a re-purchase deal was prepared by Slovak Economy Minister Ľubomír Jahnátek and the American heads of Yukos Finance, Misamore and Godfrey.

The two Americans were fired by the bankruptcy receiver, but the court in Amsterdam has now reinstated them.

The Slovak Economy Ministry says it must first wait to see how the court verdict will affect an auction held earlier this year by Yukos receiver Eduard Rebgun. Rebgun sold Yukos Finance, including Transpetrol shares, for $305 million (Sk6.9 billion) to the Russian oil company Promneftstroi, which was probably acting on behalf of the Russian Rosneft company.

The auction will probably be declared invalid, as the Amsterdam court questioned the need to declare Yukos bankrupt, meaning that Rebgun was not entitled to sell off Yukos Finance.

Top stories

When the state can’t keep a secret

A selective leak has tarnished President Kiska’s reputation. But he must continue to speak out about corruption.

President Andrej Kiska

Foreign rocket engines for North Korea: Why?

For Russia, the path to a weakened China could be through a major nuclear accident in North Korea.

Focus Poll: Government loses support

Extremist party led by Marian Kotleba would have come third

The ruling coalition (L-R: SNS-Andrej Danko, Smer-Robert Fico. Most-Híd-Béla Bugár) would have problems forming a cabinet.

Bratislava bus station is moving into Bottova Centrum Photo

If the temporary station gets all the construction approvals, it may start operation on October 1.

The future temporary bus station on Bottova Street in Bratislava