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Akhmetov's company wants to terminate contract of sale of Ukrtelecom

Source : 112 Ukraine

The decision of the International Court of Arbitration of London on the recovery of 760 million dollars. in favor of Raga, the company considers "unfair"
20:54, 15 January 2018
Open source
SCM FO, a member of Rinat Akhmetov's SCM Group, intends to seek the termination of the contract of Ukrtelecom company sale. About this said the press service of SCM.

SCM FO notes that the company intends to obtain from Raga Establishment Limited the termination of the contract of sale of Ukrtelecom, as the latter allegedly violated the investment obligations and did not pay $ 450 million in Ukrtelecom.

"During the arbitration proceedings in the LCIA (International Court of Arbitration of London), SCM FO filed a counterclaim against Raga on the termination of the sale and purchase agreement concluded on June 3, 2013 with respect to shares of Ukrtelecom, as a result of which the shares of Ukrtelecom should return to the ownership of Raga, and Raga should return to SCM FO an advance payment of $ 100 million, listed in 2013. Indeed, after closing the deal with EPIC / Raga, SCM FO as a buyer found out that EPIC / Raga did not enforce a number of key investment obligations that the EPIC / Raga took on to the State Property Fund of Ukraine under the privatization contract of 2011.
Such outstanding investment obligations included Raga's investments in Ukrtelecom of not less than $ 450 million, as well as not built and not transferred to the state of Ukraine telecommunications special purpose network (network of special communications). Failure of such investment obligations was a significant violation of Raga's statements, guarantees and obligations to SCM FO under the contract of sale of shares of Ukrtelecom. Immediately after the violations identified in 2014, SCM FO informed Raga about them and demanded to eliminate them or to terminate the deal by returning SCM FO prepayment of $ 100 million. Clearly understanding the significance of the violations committed by it, Raga remained silent and did not carry out any actions to eliminate them within two years - until June 2016, when it unexpectedly sued the arbitration of the LCIA, demanding from SCM FO payment of the balance of the purchase price under the contract of about $ 760 million," the company said.

In this regard, the SCM FO considers unfair the decision of LCIA (International Court of Arbitration of London, - Ed.) on the recovery of $ 760 million in favor of Rag , and the refusal to execute the decision justifies with the lost asset.

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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