ESU loses counterclaim in case to return Ukrtelecom to SPF, to file cassation

17:23, 12.12.2017 1 min read

Kyiv's business court of appeals rejected the counterclaim of ESU LLC against the ruling of the court of lower instance issued under a claim of the State Property Fund of Ukraine (SPF) seeking to annul an agreement to sell and purchase 92.791% of shares in Ukrtelecom after a privatization tender signed in March 2011.

"ESU disagrees with the decision of the appeal court and will use all procedural opportunities, including the submission of a cassation," the company told Interfax-Ukraine.

ESU said that Ukrtelecom is operating as usual.

As reported, on October 19, 2017, Kyiv's business court 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 SPF and collect $81.9 million of penalty for a failure to meet the investment liabilities.