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