SCM wins appeal decision over Ukrtelecom ownership

29 Mar 2019

Ukrainian conglomerate SCM – wholly owned by the country’s richest man Rinat Akhmetov – will remain as owner of nationwide fixed line operator Ukrtelecom after the State Property Fund (SPF) lost an appeal in the Kyiv Economic Court, reports the Kyiv Post. In October 2017 the same court had ordered the return of Ukrtelecom to state ownership and imposed fines of around USD82 million on SCM, which was accused of failing to meet commitments of the telco’s original 2011 privatisation contract including investment pledges. On appeal, however, in summer 2018 the Supreme Economic Court cancelled the re-nationalisation order, and the latest decision upholds this ruling. It was not immediately known if the SPF plans to appeal further.

Ukraine, Ukrtelecom (incl. TriMob)