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Supreme Court upholds ESU’s cassation on Ukrtelecom re-privatization

The lawsuit will be sent to court of lower instance.
14:10, 8 July 2018

Open source

“The Supreme Court has upheld the cassation of ESU LLC against the rulings of the Kyiv business court made on 19 October 2017 and Kyiv’s business court of appeals made on 12 December 2017 terminating the agreement on the sale and purchase of a 92.79% stake in the Ukrainian public joint-stock company Ukrtelecom.

Related: ICU sells Ukrtelecom shares at rock-bottom prices

According to Interfax-Ukraine, the Supreme Court sent the litigation to the court of lower instance for another hearing.

“We believe that the ruling of the Supreme Court is fair, and we are going to continue defending our rights in the future by using all procedural opportunities,” System Capital Management (SCM), the company that owns ESU LLC said.

Related: Khoroshkovsky was real beneficiary of EPIC during Ukrtelecom privatization – SCM

As reported earlier, in mid-May 2017, the State Property Fund of Ukraine (SPF) filed a lawsuit seeking to terminate the agreement with ESU and to collect an $81.9 million fine. On 19 October 2017, the Kyiv business court terminated the sale and purchase agreement of a 92.8% stake in Ukrtelecom. ESU then filed a counterclaim, whereas the Kyiv business court left the ruling of the court of lower instance unaltered.

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