Appeal hearing on SCM asset freeze set for 27 Feb

10 Jan 2018

Lawyers representing Ukrainian conglomerate SCM’s owner Rinat Akhmetov have launched an appeal against the decision of the District Court of Nicosia (Cyprus) to freeze assets worth over USD820 million, the Financial Times reported. The appeal hearing is scheduled for 27 February.

The Cypriot court order of 27 December 2017 – relating to assets including Ukraine’s dominant national fixed line operator Ukrtelecom – was prompted by a lawsuit from Raga Establishment Ltd (formerly Epic Telecom Invest Ltd) claiming unpaid money from SCM’s purchase of Ukrtelecom in 2013. Raga – owned by Denis Gorbunenko, the former head of the bankrupt Ukrainian bank Rodovid – won a previous decision at the London Court of International Arbitration in June 2017, which ruled SCM should pay it USD760 million in debt from the Ukrtelecom transaction plus USD60.4 million in interest and legal costs.

Ukraine, Ukrtelecom (incl. TriMob)