MOSCOW, December 14 - RAPSI, Dmitry Shchitov. A commercial court held for Seltekhstroy on Wednesday in its petition to hear its counterclaim against the State Property Management Agency (Rosimushchestvo) in the case of the frustrated auction of a major seaport in Russia's Far East, the Russian Legal Information Agency (RAPSI /rapsinews.com) reports from the court.

The Vanino seaport is the largest stevedoring company, located in the Khabarovsk Territory. It provides cargo handling and freight forwarding services. The government presently holds a 55-percent stake in Vanino. Rusal, a leading aluminum producer, has a 20-percent stake in the seaport.

Seltekhstroy stated in its claim that Rosimushchestvo did not observe the shares transfer deadline and violated the terms of purchaser's responsibility.

An auction for the sale of 73-percent in the Vanino seaport was held on May 19. There were 14 bidders, including Oleg Deripaska's En+ Group and Vladimir Lisin's UCLH. However, a little-known Seltekhstroy eventually won the bid offering some 10.8 billion rubles ($354 million) for a controlling stake, although the starting price was 934 million rubles ($30.6 million).

Successful bidder made a 93.4 million ruble ($3.07 million) down payment, but later failed to pay the whole sum by June 24, the payment deadline. The auction was consequently cancelled and Seltekhstroy forfeited its deposit. However, Rosimushchestvo later decided to sue the failed winner seeking to recover 300.46 million rubles ($9.8 million) from Seltekhstroy for breaking up the auction.