The economic court of Kiev made the decision to break off the privatisation agreement between the state property Fund and the ESU (a subsidiary of SCM and the owner of 92,79% of actions of the operator) for Ukrtelecom. About it reported in a press-service of the operator.

“Given the nature of the claim of the state property Fund and their connection with the actions of the previous owners of Ukrtelecom, ESU finds it necessary to reach a reasonable compromise on the implementation of the privatization obligations”, – stated in the message of the company.

The operator notes that the decision of the court of first instance will not affect the current operation of the company and implementation of investment programs.

See also: Ukrtelecom returns. The state will have to chip in

As reported in the SPF, the results held in February 2017 a final check of performance by the buyer of the contract on privatization of 2011, it was determined that the ESU does not fulfill part of their commitments. In particular, we are talking about the need to make investments in monetary form and create and transfer to the state system of governmental communication and organization networks.

Previously, the former head of the Fund Igor Bilous said that after the termination of the contract, the government intends to become a minority shareholder in Ukrtelecom in exchange for loyalty in the conditions of repayment of debt to Oschadbank and Ukreximbank.

Ukrtelecom is a monopolist on the Ukrainian market of fixed telephony. In 2011, he bought from the state company ESU. For 92,79% of shares of the company, she paid the price of 10.57 billion. But it turned out that the purchase was partly financed by two state banks. A few weeks before the transfer to the account of the state property Fund second tranche for Ukrtelecom to ESU issued bonds in the amount of 4.2 billion UAH. In the course of a private placement bought out Oshchad and Ukreximbank.

In 2013, ESU acquired Rinat Akhmetov’s SCM. But to buy bonds from state-owned banks in the total amount of the company failed. In 2015, she only managed to delay the repayment until the end of 2017.

The court canceled the privatization of Ukrtelecom Akhmetov 19.10.2017

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