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.
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.