Arbitrage Court of Primorie has ordered the Federal Registration Service of Primorski Territory not to register any cancellation of lease and sub-lease between Vladivostok Container Terminal (VCT LLC) and Commercial Port of Vladivostok (VMTP OJSC), press center of VCS reports. VMTP has also been prohibited by the court from any withdrawal, tying up or transfer to the third persons of property being in use of VCS LLC.
VCS LLC was incorporated in 2006 for development of container business of Vladivostok Container Terminal as VCT subsidiary. On October 1, 2006, VCS took VMTP property complex on long-term lease under lease agreement NoARD 0038 D 06 dated 01.10.2006. From that time its activities are carried out at state berths No14-15 of Vladivostok port. According to the agreement, the berths are under sub-lease of VCS LLC till the end of 2011.
According to the report, on December 17, 2007, the Federal Registration Service of Primorski Territory received the agreements on cancellation of lease and sub-lease between Vladivostok Container Terminal (VCT LLC) and Commercial Port of Vladivostok (VMTP OJSC) from December 1, 2007. However, the agreements were signed by non-authorized persons without any decisions of VCT or VCS Boards of Directors.