Due to recent publication of the negative information (which was, unfortunately, then partially distributed by some other mass media) in one of the infamous opposition web-sites about the activity of Tengizinterneftegasstroi LLP (TINGS), please be advised of the following.
Based on the court rulings that came into legal force, it’s been 5 years now since TINGS LLP (local business) is trying to win back 30% of shares in the charter capital of Caspian Sulphur Company LLP (CSC - foreign company) that belongs to TINGS by the law. But this foreign company is actually ignoring the RoK legislation and blocks the execution of the court rulings that became final and binding. And the abovementioned negative article, the author of which is hiding under the fictitious name, we consider as the next attempt to influence the public opinion and putting pressure on state bodies, including judicial ones.
Since 2001 a closed joint-stock company TINGS was the owner of 30% of shares in the charter capital of CSC, but in March, 2007 the above-mentioned share was withdrawn by enforcement. In the same 2007, the RoK Supreme Court issued a ruling dd. December 5, where it recognized the forced buy-out of share as an illegal action. During that period the closed joint-stock company TINGS, in accordance with the requirements of RoK legislation about the mandatory reorganization of closed joint-stock companies, was re-organized into TINGS LLP. But after that re-organization our business partner CSC (to be more precise, represented by its co-finders - the foreign citizens) for unknown reasons, refused to accept voluntarily the right of TINGS LLP for the previous legitimate 30 % in the charter capital and, therefore, we were forced to get ourselves involved into multiple legal battles.
You really should know this information that TINGS worked at ground zero of CSC and now, on the basis of TINGS the sulphur flaking plant is operating at the Tengiz field. From the moment of establishing CSC in 2001, TINGS in the capacity of co-finder, actively participated in the construction of this plant and its start-up.
However, after putting the plant into operation, the foreign co-finder, using some of the officials of Atyrau Oblast for their own ends, achieved a mandatory buyout of 30% of TINGS’ shares. In daily use, these actions are simply stated as cheating and carting off a business partner.
As it was mentioned above, during the same 2007, TINGS filed a lawsuit in the RoK Supreme Court and attained the cancellation of the earlier issued court rulings, and proved the illegality of the relevant court orders.
But, using the situation with the judicial dispute, during that period the foreign partners, covering up the tracks of their illegal actions, allegedly sold 100% of their shares in the CSC charter capital to its foreign affiliate company. And therefore, now it’s been over 5 years since TINGS is trying to win back with mixed success its lawful 30 % of shares by applying to various judicial instances.
I shan't trouble you with the details of an illegal and long court battle. Let me give you just one latest perfect example. To our question at the court «who is the current manager of CSC and who has the authority, the stamp, the right of signature on behalf of CSC», their representative (by the way, that person was not the employee of CSC, but of the Cooperative of Apartment Owners of one of the houses in Atyrau and, obviously, not a lawyer) answered that the company is managed remotely (on-line) from Canada by the managing director Elias HASKA. Even seeing this impudent evasion of the foreigner from the execution of the court ruling during 5(!) years, the court satisfies the request of CSC to cancel the earlier adopted court rulings about the enforcement (!) of court orders that were in our favour, and upholding only the ruling about temporary restriction for entry of the debtor to Kazakhstan. In other words, Caspian Suphur Company again had another opportunity not to execute maliciously the court ruling during 5 years.
This is in brief the essence of the dispute between TINGS and CSC. All dirt in that negative publication about Tengizinterneftegasstroi LLP and persons mentioned therein, is the fruit of wild imagination of the author under the fictitious name Marat Asanov. And it’s clear that to apply to court with regard to an insult and slander and to defend business reputation, will be a mere waste of time, since the editor’s office of that website is located outside the territory of Kazakhstan.
Best regards, Saparbek Otarov,
Representative of Tengizinterneftegasstroi LLP