Ukrainian telecoms investors in $820m dispute in Cyprus court

2018/1/8 22:53:31

The case was brought by Raga Establishment, owned by Ukrainian banker Denis Gorbunenko, which says it sold Ukrtelecom to Akhmetov [pictured] in 2013 for $860 million, but adds that it has received only $100 million so far. 

 


By: Alan Burkitt-Gray for Global Telecoms Business, Jan 8, 2018

 

The future of Ukraine’s fixed-line operator Ukrtelecom is in question after a court in Cyprus froze $820 million worth of the assets of businessman Rinat Akhmetov.

 

The case was brought by Raga Establishment, owned by Ukrainian banker Denis Gorbunenko, which says it sold Ukrtelecom to Akhmetov in 2013 for $860 million, but adds that it has received only $100 million so far.

 

According to often-quoted sources, Akhmetov is said to be Ukraine’s richest person. Forbes magazine said in 2017 that he is worth $4.6 billion.

 

The court order, issued on 29 December 2017 but only just revealed by Raga, says Akhmetov can dispose of assets but has to ensure he retains at least $820 million or the equivalent in euro. He is also allowed up to €20,000 a month for legal costs and a further €20,000 a month for living costs.

 

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https://www.globaltelecomsbusiness.com ... m-dispute-in-cyprus-court

 

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