It is reported that Evraz is being sued by a Swiss business partner over a USD 500 million port infrastructure project which turned sour.

The company one of the latest Russian giants to join the top-flight UK index is the subject of a USD 36 million claim from Revolution Enterprises which alleges that a subsidiary of Evraz failed to buy it out of the project in Ukraine.

Evraz is 72% owned by Lanebrook which is controlled by Mr Abramovich the owner of Chelsea Football Club along with Mr Alexander Abramov Evraz chairman, Mr Alexander Frolov, the company chief executive and Mr Eugene Shvidler, Mr Abramovich right hand man.

Revolution owned by two Swiss entrepreneurs has filed a lawsuit in the High Court against Watney part of the Evraz group of companies. It alleges that Watney failed to meet its obligation to buy out Revolutions shares in the port joint venture as required by the original shareholders agreement in spite of an independent valuation on the port project.

The High Court filing, a copy of which has been seen by The Sunday Telegraph, comes to light ahead of Evraz annual meeting in London on Monday. It is understood that Revolution has written to Evraz five independent directors including Sir Michael Peat, the former principal private secretary to the Prince of Wales to make them aware of the situation.

Source - Telegraph.co.uk

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