12:39 28.12.2019

Ukraine pays no money for services of Ernst & Young's division to advise on privatization of Centrenergo – SPF

2 min read
Ukraine pays no money for services of Ernst & Young's division to advise on privatization of Centrenergo – SPF

Ernst & Young spółka z ograniczoną odpowiedzialnością Corporate Finance sp.k. (Poland), which became an advisor in privatization of public joint-stock company Centrenergo in July 2017, did not receive the money for the services provided by the company due to many remarks about its work.

"Due to the numerous comments on the quality of services that were provided by the advisor in accordance with the terms of the contract, the services of the advisor were not paid," the State Property Fund (SPF) of Ukraine said in an official response to the Interfax-Ukraine's request regarding the terms of the contract on the provision of the services of an advisor on the sale of Centrenergo and the amount of payment for these services.

At the same time, the State Property Fund did not specify exactly what remarks were to the work of the advisor.

According to the Fund, the contract for the provision of professional services to prepare for privatization and sale of a stake in PJSC Centrenergo in the amount of 78.289% signed on July 31, 2017 expired on June 30, 2019.

"The issue regarding the announcement of a new tender to select an advisor to prepare for the privatization and sale of the stake in Centrenergo will be resolved after an appropriate decision by the Cabinet of Ministers of Ukraine," the SPF said.

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