MOSCOW, August 31 - RAPSI. A Nicosia court has sided with Nemiroff holding co-owners Yakov Gribov and Alexander Kipish in a shareholders' dispute with 25.04 percent shareholder Alexander Glyus, according to the press service report of Nemiroff Vodka Rus, which is representing Gribov and Kipish.

Thus, the Cyprus court annulled the ban which had previously prevented Cyprus holding companies from substituting the administration of Ukrainian subsidiaries. The Prime business information agency has yet to obtain comments from Glyus.

According to the report, Nemiroff is preparing to launch production in Russia.

Nemiroff holding shareholders are engaged in several disputes regarding the companys activity in Russia, for example, in connection with the lawfulness of substituting the directors of the company's subsidiaries.

Glyus' conflict with the group's other shareholders, in particular Yakov Gribov, who owns a 20 percent stake, and Anatoly Kipish, who owns a17.48 percent stake, began after the parties failed to agree on the price and the terms of the company's acquisition by the Russian Standard holding company.

The parties have taken several disputes to Ukrainian, Russian and Cypriot courts. The parent company is registered in Cyprus.

Nemiroff Holdings Ltd. comprises the Nemiroff production company, which includes three distilleries in Nemiroff, Ukraine, a management company, the Alco Invest subsidiary, offices in Russia and Poland, and Nemiroff International, whose head office is in Budapest, Hungary.