UPA (Utanian Press Agency)
Release: June 27, 301 AP.
Utanian Government seeks out-of-court settlement over Savant
The Utanian government is seeking to settle the issue of the claim on a 25%
stake in the Savant Motors Corporation with former owner Mr Savante out of
court, it told the Utani B'yan High Court Judge today.
Attorney General Jurgen Hoff was in court briefly today representing the
Utanian government, albeit for only a few minutes. His government, he said, was
"seeking to settle the matter with Mr Savante out of court" and requested a
delay on legal proceedings. The Judge told the parties they had "two weeks to
seek a settlement".
Judge Mikhail Estrona had previously told the Attorney General he would not be
impressed by the Attorney General's attempt to "use undue persuasion" -- a
reference to the fact that Mr Hoff is the government administrator and funder
of the judiciary, and state judges have been subject to undue influence from
the state government recently. The brief court appearance lasted fifteen
minutes before both parties established a time and place for their next
The case is a claim by Mr Atosu Savante for an estimated Û2 billion in shares
from the government's ownership of 743.85 million shares in the Û16 billion
company, resulting from what he claims was "illegal and unfair pressure for
Mr Savante to sell his family's one-quarter share in the Savant Motors company
thirty-seven years ago.
He claims his then business partners forced him to sell his family's 25% stake
in the company to them, which they, in turn, gifted to the Tsar's cousin to
enhance the market accessibility of the company. The stake was sold for
45 million Rubles, equivalent to Û39 million today, but would be worth in
excess of Û4 billion today.
The specific claim is for 212 million shares, 12.8% of the total 1,653 million
outstanding shares in the company, each of which were worth Û9.69 on Friday
before the announcement of the legal claim. This makes the claim by Mr Savante
worth Û2,054.6 million, although with the share price plummeting earlier this
week to a two-year low of Û9.14 depreciates this amount. He claims this would
be the amount his family would still own after various stakes in the company
were gifted to various Guwimithian courtiers.
Mr Savante claimed in this week's Zeitgeist Magazine that he intends to use the
shareholding to establish a trust fund for the estimated eighty thousand
workers in the company, and to provide educational scholarships for Utani youth
to study engineering, and small loans to establish companies of their own. He
is seeking to "set right" the story of the multi-billion pund corporation,
which was started by an Utani, not the Uta-Decashi who own it today.
The Zeitgeist Article is available from:
©UPA, 301 AP.
©Mike Ham, 2001. All rights reserved. No reproduction without, at least, tacit approval. ;-)