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Financial Corporation "Sistema"

March 30, 2007

Sistema and US company N871DP LLC have signed a consent Order

Moscow, Russian Federation, March 29, 2007. - On March 28, 2007, the Delaware Court of Chancery entered an Order dissolving its previously entered Order of March 24, 2007, which temporarily prohibited Sistema from removing the McDonnell Douglas MD87 aircraft from its location in Milwaukee, Wisconsin, USA.  The business jet in question had been purchased by Sistema's subsidiary, Siviera Invest Ltd., from US company N871DP LLC. The Court did not find any wrongdoing on the part of Siviera or Sistema JSFC.

The parties' dispute regarding the aircraft was amicably resolved and approved by the Court on March 28, 2007, bringing the dispute and the accompanying lawsuit in the Delaware Court to a conclusion.  The parties agreed to honor their contractual obligations to one another under the Aircraft Purchase Agreement, which includes the US company completing the installation of the equipment required by the Agreement and Siviera making payment for such installation. Pending completing the installation of the equipment Siviera will have unrestricted right to use and possess the aircraft.

 

 

 

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