17:16 16.05.2017

Ukraine's SPF files claim to court seeking to terminate Ukrtelecom sale and purchase agreement

2 min read
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.

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