Situation in Nemiroff company stabilizing

YEREVAN, August 20. / ARKA /. Nemiroff Company said today that everything in the company is back to normalcy. The director of its Russian office was reinstated in his position, and a debt of $14.7 million for supplies to DP UVK Nemiroff is set to be repaid, it said in a press release.

On August 14, 2013 the International Commercial Arbitration Court of the Russian Chamber of Commerce upheld the claims of DP UVK Nemiroff, ruling that $14.7 million be recovered from Nemiroff Trading House (Russia), which until recently was controlled by part of shareholders, for supply of goods by the Ukrainian company.

The company said the dispute concerns a period of supplies, when the Russian office was seized by part of shareholders. Then, using  the  minutes of the meeting of LLC Nemiroff Trading House, later recognized by the court as illegitimate, the powers of general director, Gregory Savinov, were terminated, and he was illegally replaced by Vladimir Zhelezov. Despite the fact that the Russian office had sufficient amount of money for the settlement with the Ukrainian supplier (about $2 million on the accounts, $12 million of accounts receivable, $28 million worth  goods in the warehouse), some shareholders failed to  repay the debt to DP UKV  Nemiroff.

The money of Nemiroff Trading House was taken out of the company, and then appeared on accounts controlled by part of shareholders of Nemiroff Vodka Rus (HBP). Its return to DP UKV Nemiroff  may have serious effect on the production of products under the brand Nemiroff in Russia, the press service of the company said.

DP UKV Nemiroff considers the attempts to declare it bankrupt by part of shareholders as implementation of a scheme for illegal change of leadership in the period of limitation of the Cypriot court. "It seems that in addition to the outstanding debt for shipped goods part of shareholders tried to bankrupt the company by means of LVN Trading, created by a natural persons in 2012. This company with registered capital of $120, without the consent of DP UKV  Nemiroff, tried to act as its  financial guarantor to  NHL, according to the press release.

Nemiroff draws attention to the fact that by the decision of the Arbitration Court of Moscow of August 6, 2013 the only legitimate general director of LLC  Nemiroff Trading House is Grigory Savinov who was reinstated in his position. Thus, all transactions made after the dismissal of Savinov are illegitimate. In Ukraine Alla Glus  continues to legally perform her duties as CEO of  DP YVK Nemiroff.

Her tenure of CEO guarantee the security measures of Court of Nicosia (Cyprus), which prohibit shareholders of Nemiroff to make any attempt to change the organizational and management structure, including changes in statutory documents, change of directors, etc. In addition, on August 6, 2013 information about Alexander Glus, the  manager  of Nemiroff Management Company, was put  into the state register.

On April 9, 2013 the Supreme Economic Court of Ukraine ruled unlawful a meeting of members of Nemiroff Management Company of April 26, 2011, initiated by part of the company's shareholders. Its decision  to dissolve Nemiroff Management Company and replace  its CEO Alexander Glus from office was acknowledged illegitimate.

Due to the current tense situation around Nemiroff company and emergence of false  manipulative statements from unknown persons, DP UKV  Nemiroff requests that everyone wishing to clarify, comment and check facts, should appeal to the press service of the company. -0-