MOSCOW, February 5 - RAPSI. The Federal Commercial Court of the Moscow District has returned the 1.6 billion rubles (over $53 million) lawsuit initiated by former Transaero shareholder Eskerkhan Mutalibov against the airline for a retrial, RAPSI was told in the court.

The federal court has upheld Mutalibov's complaint and invalidated the rulings of the first instance and appeals courts in his case.

Previously, the Moscow Commercial Court dismissed Mutalibov's lawsuit to recover circa $50 million from the airline.

The court of appeals upheld the ruling of the Moscow Commercial Court. Subsequently, Mutalibov filed a cassation appeal against these rulings.
Registrars Reestr and Computershare Registrar were involved as co-defendants.

According to the Transaero shareholders list, Mutalibov held 5% of the airline's shares in May 2003. However, he was not on the list drawn up for the next annual general meeting in May 2004. Mutalibov reportedly wrote in his claim that he neither sold his shares, nor signed any sale documents, and that he never received any money for his stake.

Transaero was established in 1990, has a fleet of 76 aircraft and operates flights to over 160 destinations in Russia, Europe, Asia, the Americas and Africa. Transaero's stock has been traded on the MICEX since March 29, 2011.

Alexander and Olga Pleshakov directly control 43% of Transaero shares. Head of the Interstate Aviation Committee Tatyana Anodina holds a 3% stake, Lev Khasis owns 6.48% and Transaero Finance 4.23% of the company. According to Russian Accounting Standards, Transaero's net profit more than tripled in 2011 to 1.83 billion rubles ($57.08 million).