KYIV. Nov 23 (Interfax-Ukraine) – Heads of Dovzhenko Agrofirm and Dobrobut Agrofirm, incorporated in Astarta agricultural holding, intend to challenge their suspension from the posts.

"The decision to suspend [directors of agrofirms] was made in violation of the regulations and the procedure. We have prepared a claim to court seeking to declare the general meeting [of shareholders] unlawful in part of suspending Vlolodymyr Skochko from the post of director general of Dovzhenko Agrofirm," Managing Partner of EUCON International Legal Center Yaroslav Romanchuk said at a press conference at Interfax-Ukraine. Romanchuk represents the interests of the directors general of the agrofirms.

Director General of Dobrobut Agrofirm Oleksandr Kovalenko said that he was suspended from the post when he was in vacation. Skochko was suspended when he was on sick leave.

"In January 2017 labor contracts were concluded with them [heads of agrofirms]. The contracts contradict not only the statutory documents, but also the legislation. They restrict the rights of general directors in terms of revision of prices, salaries, decision making, which limits the director's functions for the effective decision-making," lawyer Yevhen Petrenko, a partner at EUCON, said.

The leaders of agrofirms are their minority shareholders. Kovalenko owns a 0.9% stake in the Dobrobut agricultural firm, and Skochko - 1% of shares in the Dovzhenko Agrofirm.

According to Astarta, Kovalenko and Skochko verbally announced their desire to resign from their posts. At the same time, they asked to buy out their minority stakes in the agro-enterprises they headed.

According to the press release of Astarta, an independent appraiser was hired to estimate the value of their minority stakes, but Kovalenko and Skochko did not approve the price offer and refused to offer to jointly select an additional independent appraiser.

"However, ultimatum demands were made about the buyout of their minority stakes at a price that at times exceeds not only the market value, but common sense. At the same time, oral threats were voiced in case of non-approval of this proposal to take steps to discredit Astarta," Astarta said in the press release.

Skochko said at the press release that he took part in the negotiations on buyout of his stake.

Astarta says that the directors were suspended from the posts in September 2017 in line with the requirements of Ukrainian law.

Acting directors general were appointed for the management of both agrofirms. Astarta said that these companies operate as usual, and agro firms fulfill all their obligations to employees, shareholders, contractors and suppliers.