14:12 19.10.2017

ESU to challenge ruling of Kyiv's business court on termination of Ukrtelecom privatization agreement

2 min read
ESU to challenge ruling of Kyiv's business court on termination of Ukrtelecom privatization agreement

 Kyiv's business court on Thursday decided to terminate the agreement signed in March 2011 after a privatization tender to sell 92.79% stake in Ukrtelecom with ESU LLC under a claim of the State Property Fund of Ukraine (SPF). The defender seeks to file a counterclaim against this ruling.

"ESU disagrees with the court ruling of lower instance and continue defending ownership right to Ukrtelecom's shares in the court of appeals," the company told Interfax-Ukraine.

ESU said that the court ruling would not affect operations of Ukrtelecom. In particular, the large-scale modernization of the company in partnership with China Development Bank will continue.

"Taking into account the claims of the SPF and their relation to the steps of the previous owners of Ukrtelecom, ESU LLC believes that a compromise on the implementation of privatization commitments should be found," the company said.

ESU said that the SPF commission several times inspected the company and confirmed the implementation of relevant privatization commitments, apart from the latest inspection that was conducted in violation of terms (from May 2016 through February 2017).

As reported, in the middle of May 2017, the SPF filed a claim seeking to terminate the agreement with ESU and to collect UAH 2.17 billion of fine.

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