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Cyprus court froze $820 million of Akhmetov's assets in Ukrtelecom case

Source : 112 Ukraine

Raga Establishment filed a lawsuit demanding full payment of the sold Ukrtelecom
12:51, 5 January 2018

Open source

The Nicosia District Court in Cyprus froze $ 820 million of Ukrainian oligarch Rinat Akhmetov's assets through a long-lasting legal dispute over the Ukrtelecom case, the Financial Times reported.

The court's decision against Akhmetov and nine other persons was ruled out on December 27.

The Financial Times agency received a copy of the decision from the applicant - Raga Establishment. Raga Establishment, which belongs to the former Ukrainian banker Denys Horbunenko, sued Akhmetov demanding full payment for the sold telecommunications group Ukrtelecom.

Raga claims that Ukrtelecom was sold to Akhmetov for $ 860 million in 2013, while Akhmetov paid only $ 100 million.

According to the court order to freeze assets, Akhmetov and other respondents can freely use 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 trial).

The assets, potentially affected by the freeze, include a London apartment in the prestigious One Hyde Park.

Related: Backstage negotiations: Energy crisis puts Poroshenko and Akhmetov together

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

As we know, in early 2011, the State Property Fund sold Ukrtelecom for 378 million dollars to ESU ltd., - the Ukrainian subsidiary of the Austrian EPIC, which in its turn belonged to five individuals - residents of Austria. Two years later, on June 3, 2013, SCM's group Rinat Akhmetov bought a company that owns the shares of Ukrtelecom.

As it was reported earlier mass rally took place near London residence of Rinat Akhmetov on March 12, 2017. London Euromaidan activists organized and participated in it. 

Activists said British special forces must check whether Akhmetov finances occupants’ army with money from his businesses. If there is an evidence of such facts, they must impose sanctions, including property confiscation in favor of Ukraine. 

Civil movement acts together with trade blockade headquarters, trade union of Burshtyn TES and All-Ukraine Independent Trade Union “Rivnist”, says the statement on Facebook page of London Euromaidan. The protesters were near Akhmetov’s house at the address One Hyde Park, 100 Knightsbridge.

Related: NABU questioned Akhmetov on "Onyshchenko recordings"

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