By Israel News Agency Staff

Jerusalem----May 1...... A US district court in Wilmington, Delaware, has dismissed a $500 million suit by Davis International, Holdex, Foston Management and Omni Trusthouse that was filed in November 2004, against a group of Russian businessmen, charging them with the unlawful seizure of 72% ownership of a major smelter in Kachkanar in the former Soviet Union.

Among the defendants were Evrazholding, UGMK, Oleg Derispaska, Michael Cherney (Mikhail Chernoy), Iskander Makhmudov, Mikhail Nekrich, Arnold Kislin, MDM Bank, as well as New Start Group. Venitom Corp. and Pan American Corp.

The suit’s claims, had they proven successful, would have amounted to $1.5 billion. Among the plaintiffs were Jalol Khaydarov, former manager at Kachkanar smelter, wanted by Russian police and reportedly finding refuge in Israel, and his Israeli partner Yosi Troym. Cherney and other key defendants welcomed the American court’s decision, claiming it confirmed their previous claims that Khaydarov and his associates are serial litigators who attempt to extort funds from prominent Russian businessmen.

Following his repatriation to Israel, Michael Cherney maintains business interests in Russia and post-Soviet states, while developing new business contacts between Russia, Europe, Israel, and the US.

In Israel, Michael Cherney spends much effort on charity and humanitarian projects that reinforce cooperation between Israel and Russia in fighting terrorism. Michael Cherney established a Website for his Foundation on June 1, 2001, the night of the terrorist bombing outside the Dolphinarium Disco in Tel Aviv. When Michael Cherney learned the number of victims - 21 dead and over 150 wounded - he realized that rendering assistance required a systematic organized effort.

Prior to 2001, Cherney was engaged in charity work in Russia, Ukraine, Central Asia, Bulgaria, the US - wherever he did business. He made valuable contributions into Jewish philanthropy in Russia. Following the Dolphinarium terrorist tragedy, the Cherney Fund became the helping hand for all its victims. In a misfortune like this, emigres from the former Soviet countries are even worse off than those born in Israel: they don't have a support system or savings. The Cherney Fund, therefore, renders help mostly to the new arrivals, victims of catastrophes and terrorist acts that continue to bleed Israel, as well as to the low-income victims of terror in other countries.

Another equally important task assumed by the Cherney Foundation is the media effort in war on terror. Shortly after the Dolphinarium attack, the Foundation published a book called Dolphinarium: Terror Targets the Young.

The Michael Cherney Foundation has established grants for students from the former Soviet Union in all major Israel universities with an annual endowment of 1 million shekels.

ISRAEL NEWS AGENCY

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