London Court orders Akhmetov's SCM to pay extra $760 mln for Ukrtelecom

Photo from UNIAN

19:12, 11.01.2018

1 min. 310

The High Court of London has ordered Ukrainian tycoon Rinat Akhmetov's SCM financial and industrial group to pay extra $760 million on June 26, 2018, for Ukraine's telecoms giant Ukrtelecom and rejected SCM's counterclaims over the termination of the contract for the purchase of the telecoms operator, according to the news portal Liga.net.

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According to the SCM press service, the corporation has lodged an appeal against the court's decision, which will be considered in 2018, Liga.net reported.

Read alsoFT: Ukraine's Rinat Akhmetov has $820m of assets frozenAs UNIAN reported earlier, a Dutch court issued a provisional order to freeze SCM's Netherlands-registered businesses, which include Ukraine's largest steel company Metinvest and largest private power and coal producer, DTEK, in connection with a long-running $820 million lawsuit related to the sale of Ukrtelecom, Reuters wrote on January 9.

The District Court of Nicosia (Cyprus) ruled to freeze $820 million of Akhmetov's assets in the case of buying Ukrtelecom in 2013, The Financial Times reported on January 5.

The assets were frozen due to a lawsuit filed by Raga Establishment (formerly EPIC Telecom Invest), which belongs to the former shareholder of Rodovid Bank, businessman Denys Gorbunenko. The company sold Ukrtelecom to Akhmetov in 2013 for $860 million, but the latter allegedly paid only $100 million.

SCM said it would challenge the Cypriot court's decision to freeze Akhmetov's assets.

Akhmetov LondonCourt Ukrtelecom

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