09:50 26.07.2019

Ukrtelecom calls on Oschadbank to seek compromise to execute court ruling on dispute of over UAH 1 bln

1 min read
Ukrtelecom calls on Oschadbank to seek compromise to execute court ruling on dispute of over UAH 1 bln

 Ukrtelecom is disappointed with the decision of the Supreme Court to recognize as legal a contract with Oschadbank to buy ESU bonds in the amount of UAH 1 bln plus interest from it and states that the contract cannot be actually executed without a significant harm to the company's activities.

"Therefore, both we and the bank will have to look for options for a mutually beneficial compromise in order to ensure that the decision is executed in a way that does not affect the company's operations," Ukrtelecom said.

On September 15, 2015, Ukrtelecom and Oschadbank signed an agreement according to which the company undertook no later than March 15, 2017 to accept and pay the C series bonds of its majority owner ESU worth UAH 1 billion plus coupon income. In August 2017, Ukrtelecom in the Economic Court of Kyiv initiated a dispute over termination of the contract and recognition of obligations under the contract terminated and managed to win it in September 2018, and then in the Court of Appeals in February 2019, but now lost the cassation.

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