Nickel producer's complaint against fine dismissed
MOSCOW, June 17 (RAPSI) - The Moscow Commercial Court has dismissed the lawsuit filed by Norilsk Nickel against the court decision to fine it 500,000 rubles ($15,785) for failing to provide information to a shareholder, RAPSI learned in the court.
The country's financial authority fined Norilsk Nickel at the request of a shareholder who holds 25% of the company's voting shares, who complained that Norilsk Nickel had not provided a number of documents required by legislation.
The nickel producer told the shareholder that the documents contain confidential information and its disclosure could damage the company's interests. In particular, the documents included the data about Norilsk Nickel's counteragents and also nickel and copper sales terms.
The court ruled that if the documents requested by the shareholder contain confidential information, the company must send the shareholder copies of the document with the sensitive information blacked out. The company must also explain to the shareholder why the said information is considered confidential.
As an alternative, Norilsk Nickel could offer the shareholder to sign a confidentiality agreement.