World Surveillance Group Inc (fka WSGI)

[villas]

MOSCOW (Dow Jones)--Russian company Internafta, which defaulted on a $600 million deal with U.S. company GlobeTel (GTE), has only $369 in charter capital, Vedomosti newspaper reported Saturday, citing tax authorities.

The paper also said the address which the Federal Tax Service gave for the company contains only a warehouse of metal-producing company Metalloinvest-Market - which claims to never have heard of Internafta or its managers, chief executive Yevgeni Yevtukhov and founder Maksim Chernizov.

Internafta, which promised to invest $600 million to construct a wireless communications network in Russia with GlobeTel, defaulted late April on the agreement, causing the U.S. company's stock to plummet and leading to shareholders filing a lawsuit against GlobeTel, accusing it of fraud. Vedomosti reports that Internafta was registered as company only on Nov. 30, 2005, or exactly one month before it entered into the deal with GlobeTel.

Newspaper Web site: http://www.vedomosti.ru

-By Moscow Bureau, Dow Jones Newswires; [phone]


(END) Dow Jones Newswires

May 06, 2006 03:12 ET (07:12 GMT)

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