Quote: Ukraine’s Supreme Court struck down on April 8 a controversial debtforequity deal from last summer that yielded a $500 millionplus stake in a leading Ukrainian electricity producer to a company controlled by Rinat Akhmetov, Ukraine’s top businessman.
In a victory for Prime Minister Yulia Tymoshenko, who pledged to reverse suspect privatizations, the court cancelled last year’s bankruptcy deal, which was sponsored by the government of former Prime Minister Viktor Yanukovych, who has close ties to Akhmetov.
The deal diluted the state’s 76 percent stake in energy generator Dniproenergo to a 50 percentplusone share, while giving a blocking interest to Akhmetov’s Donbass Fuel and Energy Company (DTEK), which agreed to settle debt and invest badly needed funds into the firm.
The deal cancelled by the court increased DTEK’s holding in Dniproenergo as a result of a share emission from 8.7 percent to 40 percent, at a price tag of about $208 million.
Full article: http://www.kyivpost.com/business/general/28827/
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