Akhmetov's company to appeal against court decision to "freeze" 820 million dollars

Source : 112 Ukraine

SCM Group also denies its participation in the privatization of Ukrtelecom
16:08, 6 January 2018


The SCM group, which belongs to Rinat Akhmetov, said they would appeal the decision of the Nicosia court to freeze assets worth $ 820 million, according to the website of the company.

SCM states that the group company indirectly acquired shares of Ukrtelecom from Raga Establishment Limited (formerly EPIC Telecom Invest Limited) in 2013 - two years after the privatization of Ukrtelecom.

"We have received information about the preliminary decision of the court in Cyprus against some companies of the SCM group on the suit of Raga Establishment Limited, we strongly disagree with this definition and it will be contested by us. SCM Group companies will also actively defend themselves in the courts against the groundless claim of the Raga Establishment Limited, within which a definition was made, "the statement said.

It is noted that "the SCM group neither directly nor indirectly took part in the privatization of Ukrtelecom in 2011," and claims of the State Property Fund and other state bodies of Ukraine regarding the legality of the company's privatization and fulfillment of investment obligations concern exactly the activities of Raga Establishment Limited.

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Earlier it was reported that the Cyprus District Court had frozen Akhmetov's assets worth $ 820 million during the case of Ukrtelecom. Among the frozen assets is the London apartment of Akhmetov, which at the time of purchase was the most expensive private residence in the UK.

According to the court's order, Mr. Akhmetov and other respondents can freely dispose of their property as long as the assets remain at a level of at least $ 820.5 million (that is, the amount required by Raga in the proceedings).

Akhmetov has the right to appeal against the decision to freeze assets before January 8.

As you know, in early 2011, the State Property Fund sold Ukrtelecom for 10.575 billion UAH to ESU, the Ukrainian subsidiary of the Austrian EPIC, which in turn belonged to five individuals - residents of Austria. Two years later, on June 3, 2013, SCM group of Rinat Akhmetov bought a company that owns the shares of Ukrtelecom.

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