Seven-year-old case of nationalization of Akhmetov's Ukrtelecom. Supreme Court ruled
What did the court decide?
What did the court decide?
After seven years of litigation, the Supreme Court rejected the claim of the State Property Fund of Ukraine (SPF) to terminate the privatization agreement of Ukrtelecom, the press service of Rinat Akhmetov's System Capital Management reported .
In 2011, the State Property Fund sold 92.79% of Ukrtelecom shares to ESU (Kyiv, then a subsidiary of the Austrian investment and financial consortium EPIC) for UAH 10.5 billion.
In 2013, System Capital Management (Donetsk) acquired 92.79% of Ukrtelecom shares from EPIC (Austria) by acquiring ESU. In 2017, the State Property Fund filed a lawsuit in court to terminate the 2011 Ukrtelecom share purchase agreement and recover a penalty of UAH 2.17 billion.
The courts of first and appellate instance sided with ESU, which denied violating the terms of the privatization agreement. The State Property Fund filed a cassation appeal, but the Supreme Court also rejected its claim.
The SCM investment group did not directly participate in the privatization, but gained control over the company in 2013 through the acquisition of ESU, the majority shareholder of Ukrtelecom.
According to SCM estimates, it invested over $800 million in the development of Ukrtelecom. During this time, it has recovered from losses and turned into a modern and profitable company with stable services used by government agencies and security forces during the war.
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