18:02 24.01.2018

SCM expects arrest of $820 mln assets in dispute over Ukrtelecom to be lifted in late Feb-early March

2 min read
SCM expects arrest of $820 mln assets in dispute over Ukrtelecom to be lifted in late Feb-early March

 SCM considers unjustified the arrest of its assets worth $820 million by the Nicosia District Court (Cyprus) in a dispute with Cypriot-based Raga Establishment on Ukrtelecom and expects its withdrawal in late February-early March 2018.

"We consider this ruling to be completely groundless. Raga received it only by providing incomplete or inaccurate information to the court. We are sure that this ruling will be canceled at the end of February or the beginning of March 2018," the SCM director for international and investor relations, Jock Mendoza-Wilson, told Interfax-Ukraine.

He stressed that when in July 2017 SCM submitted an application for the cancellation of the London arbitration decision to the High Court of Justice in England, Raga immediately attempted to stop its consideration, stating that it was allegedly groundless.

"Raga asked the court in London for SCM Financial to pay $820 million to the court deposit as a condition for consideration of the case. They thought since they had already received the arbitral verdict, their petition would be satisfied. However, as I've explained, the court in London refused Raga the satisfaction of such a motion," he said.

He considers the claim in Cyprus against a number of respondents - both affiliated and unrelated to SCM Group – to be artificially filed to "freeze" the assets of SCM Group companies in Cyprus, thereby exerting pressure on it.

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