Thursday, September 23, 2010

Cyprus Court Freezes Assets of Russian Tycoon Kerimov

A Cyprus court has issued an ex-parte injunction freezing $ 6 billion in Russian assets, including Suleiman Kerimov's stakes in potash producer Uralkali and mining group Polyus Gold. The underlying case involves a $ 2 billion claim related to a Moscow hotel complex owned by Kerimov. The freezing order comes at a delicate time as Uralkali may be seeking a merger with rival Silvinit. Kerimov's Polyus Gold has also been trying to hold on to a recent acquisition of KazakhGold, which authorities in Kazakhstan are trying to reverse.

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