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Disputed 34 percent stake in Transpetrol is still under discussion

The Economy Ministry has been proceeding in accordance with the valid legislation in the case of the disputed 34 percent stake in Transpetrol was all that ministry spokesman Branislav Zvara had to say on April 16 about complications surrounding the share ownership, according to the TASR newswire.

The Economy Ministry has been proceeding in accordance with the valid legislation in the case of the disputed 34 percent stake in Transpetrol was all that ministry spokesman Branislav Zvara had to say on April 16 about complications surrounding the share ownership, according to the TASR newswire.

Zvara was speaking in reaction to information published in the media that the government and the ministry have only one day left for concluding an out-of-court settlement with businessman Ignác Ilčišin who claims to be the owner of the remaining 34 percent of Transpetrol. There has been a legal dispute ongoing since 1995 concerning these shares, TASR wrote.

“This whole matter is still open. It isn't appropriate to ventilate this through the media,” said Zvara to TASR.

Thursday's issue of the daily Sme wrote that this is the last day when Ilčišin would entertain his call for an out-of-court settlement with Prime Minister Robert Fico and Economy Minister Ľubomír Jahnátek. If they do not reply, according to the daily's information, Ilčišin will sell the shares to a Russian company called Promneftstroj.

Ilčišin's company, Tradeunion, in Vranov nad Topľou in Prešov region received an authorisation from a Bratislava court last week to summon an extraordinary session of Transpetrol shareholder representatives. It should take place on April 29 with dismissing the current Board of Directors and Board of Trustees on the agenda.

If Ilčišin does in fact own the 34 percent stake in Transpetrol, the state has only a 66 percent ownership share – including the 49 percent stake bought back in March from Yukos International. TASR

Compiled by Zuzana Vilikovská from press reports
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