BANK SUFFERS SETBACK IN BATTLE FOR CONTROL OF NICKEL PRODUCER.

Russia’s Oneksimbank has suffered a setback in its efforts to take control of Norilsk Nickel, the world’s largest nickel producer. Countermanding its own earlier ruling, the Moscow Arbitration Court forbade the bank to call an emergency meeting of shareholders. This was the court’s second ruling in the case brought by Norilsk against Unexim, which holds 38 percent of the nickel maker’s stock as security for the $170.1 million it lent the government in last November’s controversial "loans-for-shares" auction. The bank had planned at that meeting to remove some members of the incumbent board of directors. (Interfax, March 19)

Seleznev Counterattacks.