Ukraine's SPF files claim to court seeking to terminate Ukrtelecom sale and purchase agreement
Ukraine's State Property Fund (SPF) has filed a claim against ESU LLC and public joint-stock company State Export-Import Bank of Ukraine (Ukreximbank) to Kyiv's business court seeking to terminate the agreement on the sale and purchase of OJSC Ukrtelecom and collect a fine of UAH 2.17 billion.
According to a posting on the website of the SPF, the ground for filing the claim is the non-implementation of the conditions of the sale and purchase agreement signed between the fund and ESU and the concept of the post-privatization development of the national operator, which is the integral part of the agreement.
A 92.791% of the share capital of OJSC Ukrtelecom was sold at the privatization tender in 2011.
As reported, the SPF in December 2016 did not permit the sale of TriMob LLC, a subsidiary of Ukrtelecom. The deal is not in line with the contract signed when 92.79% shares of Ukrtelecom were sold to ESU LLC.
The contract dated March 11, 2011, contains warning: until the contract is implemented ESU cannot sell all or part of property of Ukrtelecom, the market cost of which is over 10% of the charter capital of the company.
ESU in 2013 sold Ukrtelecom to SCM holding of Ukrainian businessman Rinat Akhmetov.