List of Akhmetov’s assets to be frozen by court’s decision

Source : 112 Ukraine

The list of companies, owned by Ukrainian oligarch Rinat Akhmetov, net worth of which is 820 million US dollars and which may be frozen due to the court decision, became known to
22:16, 5 January 2018

Open source got the details of the court decision ruled out by the District Court of Nicosia against the companies of Ukrainian oligarch Rinat Akmetov, the net worth of which is 820 million dollars.

The court decision has been made in a respect of the Raga Establishment, former Epic Telecom Invest Ltd, which previously was owned by ESU (EPIC Services Ukraine), who bought a government's shares of Ukrtelecom at the competition back in 2010. Raga Establishment sold ESU to Rinat Akmetov in 2013. got the court ruling information, which was applied to all the assets related to Rinat Akhmetov and SCM Group in the amount of 820 mln US dollars. It prohibits disposition, sale, alienation, donation, reduction of the value or encumbrance of any asset that belonged to the Respondents.

Raga Establishment spokesperson told that they sold ESU (who owned the government's share of Ukrtelecom) to Mr. Akhmetov for 860 million US dollars. 

Mr. Akhmetov paid only 100 million dollars and failed to pay the rest 760 million dollars. Raga then went to arbitration and the London Court of Arbitration ruled that Mr. Akhmetov was obliged to pay the outstanding amount. Rinat Akhmetov ignored the LCIA’s ruling and defaulted again. In the meantime, Akhmetov engaged in stripping assets from the respondent company. It is based on that assets stripping and fraudulent conduct (for which Raga filed a claim) the District Court in Nicosia ruled the freeze of the assets.

Due to this debt Raga Establishment applied to the District Court of Nicosia, which ruled out the decision on December 27th (which was made public on January 3rd). The ruling was that all the assets related to Rinat Akhmetov and SCM Group in the amount of 820 mln US dollars should be frozen. These mean that 10 clusters, which include all assets of the oligarch in Ukraine, fall under the injunction. Raga Establishment specified that this was the legal action and the actual freeze should be done by national courts in different jurisdictions. In this case, the decision was rather technical and it might be actualized in any other country of the world, according to the Raga Establishment spokesperson.

The ten clusters under the potential injunction include next assets: 100% of the share capital of UA Telecominvest (Cyprus), shares in PJSC First Ukrainian International Bank, 100% shareholding in SCM-Invest Ltd (BVI), 100% shareholding in SCM Sport Limited (Cyprus), 90.25% shareholding in LLC “Stadion Shakhtar” (Ukraine), 100% shareholding in SCM Management B.V. (Netherlands), 100% shareholding in ESPV Limited, UMBH (Ukrainian Machine Building Holding) (Cyprus), 100% Vesco Limited (Cyprus), 100% Parallel Nafta (which owns the corporate rights for Parallel fuel company), shareholding in SCM Finance Limited (Cyprus). The full list of the companies is attached below with translation of the court decision.

The end beneficiary of Raga Establishment is Denis Gorbunenko, the former Head of the Board of Ukraine’s Rodovid Bank.

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