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Cyprus Court Lifts Freeze on Uralkali, Polyus Stock

A Cyprus court lifted an injunction on Russian billionaire Suleiman Kerimov’s stakes in mining company OAO Polyus Gold and fertilizer maker OAO Uralkali, which have a combined market value of about $8 billion.

The plaintiff, Ashot Egiazaryan, a member of Russia’s lower house of parliament, failed to disclose essential information to the court in the application and failed to prove urgency because 15 months had passed before he filed a complaint, Nicosia District Court President Michalis Christodoulou said today.

Egiazaryan will challenge today’s ruling, Andreas Haviaras, one of his lawyers, said today by phone.

A September order banned Cyprus-registered entities controlled by Kerimov from making any transactions using stock in Russian companies, including Uralkali and Polyus. The move followed a complaint against Kerimov by Egiazaryan, who claims the businessman forced him to relinquish 25.5 percent of the Moskva hotel near Moscow’s Red Square.

“Mr. Egiazaryan remains determined to secure compensation for the Moskva Hotel project that was forcibly taken,” Haviaras said in an e-mailed statement.

Egiazaryan filed a request for $2 billion in damages at the London Court of International Arbitration on Sept. 13, according to court documents in Cyprus.

Kerimov, ranked by Finans magazine as Russia’s seventh-richest man with a fortune of $16.9 billion, owns 37 percent of Polyus, according to a July 2009 company filing, and 25 percent of Uralkali, according to a June 2010 statement from the fertilizer maker. The stakes, portions of which are pledged for bank loans, have a value of about $4 billion and $4.03 billion, respectively, according to Bloomberg calculations.

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