15:32 06.06.2018

Cypriot court decides to 'unfreeze' SCM assets

2 min read
Cypriot court decides to 'unfreeze' SCM assets

The Nicosia District Court has ruled in favor of the financial and industrial group of Ukraine, System Capital Management (SCM), one of the leading groups in Ukraine, in a dispute with Raga Establishment regarding the status of Ukrtelecom, having canceled the ruling of the Cypriot court dated December 27, 2017 on alienation ("freezing") of certain assets of SCM Group.

"SCM assets have been unfrozen," the SCM press service has said.

SCM Director for International and Investor Relations Jock Mendoza-Wilson said the matter concerns removing all restrictions on management of SCM's assets, which were imposed according to the December court ruling.

"In its decision, the court noted that in December 2017 Raga company illegally obtained an injunction, for which there were no real grounds. This clearly demonstrates the behavior of Raga in the dispute and the true nature of its lawsuits against SCM Group in the territory of Cyprus," the expert said.

He said that SCM will continue to actively defend itself against Raga Establishment's claims and defend its positions in Cyprus and other jurisdictions.

As reported, in late 2017 as a result of a legal dispute between SCM and Raga Establishment about the status of Ukrtelecom, the Nicosia District Court imposed a temporary arrest of up to $820 million on a number of SCM companies located in Cyprus.

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