The Arbitration court of Moscow dismissed a suit by the Russia Partners Fund against the management of the OJSC EUROCEMENT Group which sought damages to cover financial losses which it claimed had been caused in company by mismanagement. EPAM, the leading Russian law firm, represented the interests of the OJSC EUROCEMENT Group

On March 14, 2006 the Russia Partners Fund, the owner of 40% shares of the OJSC EUROCEMENT, filed a claim in the Arbitration court of Moscow which sought recovery of 3.35 billion rubles which it claimed were its due as a result of profits that allegedly should have been made had it not been for the mismanagement of the OJSC “EUROCEMENT” and the OJSC EUROCEMENT Group.

Today the Arbitration court of Moscow dismissed the claim of Russia Partners without consideration. EPAM, the leading Russian law firm, represented the interests of the OJSC EUROCEMENT Group.

Ilya Levitov, the head of the press service of EPAM, said: “We are satisfied by today’s court finding. It confirms that the Arbitration court of Moscow will consistently and uncompromisingly stand firm against the attempts of some oligarchs to manipulate the Russian court system. Recently the Arbitration Courts of Ryazan and Lipetsk Regions also found against this particular raider’s attacks on EUROCEMENT. We hope that these are not isolated cases, but show a new direction of development of the Russian court system, corresponding to the spirit of times”.