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MOEK approves settlement agreements with Mosenergo OAO-Interfax

Sunday, 9 Feb 2014 11:07pm EST 

Moskovskaya ob"yedinennaya energeticheskaya kompaniya OAO:The board of directors of MOEK has approved settlement agreements with Mosenergo OAO for over 2.5 billion Russian rubles-Interfax.The settlement concerns three agreements that fall into the category of transactions with related parties.Pursuant to the terms of the agreements, within three months from the date of their approval by the Arbitration Court of Moscow MOEK has to pay Mosenergo OAO debt for delivered heat and coolant, as well as a penalty for violation of the terms of payment.The Arbitration Court of Moscow is reviewing a number of Mosenergo OAO's claims against MOEK to recover the debt under the contract for heat and coolant supply of Dec. 20, 2012, as well as contractual penalties.Since MOEK has entered to the same capital group as Mosenergo OAO (GEKH) it was decided to settle the disputes and terminate the arbitration proceedings, a MOEK statement says. 

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