The Fund expects a final decision to return shares of Ukrtelecom to the state

The consideration of the appeal in the case of Ukrtelecom is scheduled for February 20 and the State Property Fund expects a final decision to return shares to the state for further transferring them to the Fund's accounts.

This was announced by Vitalii Trubarov, Chairman of the State Property Fund, on his Facebook page.

According to Vitalii Trubarov, in parallel this litigation, there is one more, associated with Ukrtelecom shares in the proceedings of the General Prosecutor's Officewhich has arrested the shares and any movement is impossible.

“We have already requested the GPO to withdraw the arrest of these shares, in case of a positive court decision, and we expect that the cassation instance will confirm the previous two, and this will allow to be credited their to our accounts in the short term. After transferring the shares to the Fund's accounts, we will conduct a complete inventory of the asset, since the shares must be confirmed by the property. We will compare the sold property with what is today, and if there was an illegal alienation,then all losses will be deducted and presented to the company that is the subject of management”, noted Vitalii Trubarov.

The Head of the Fund reminded, “within the post-privatization control the State Property Fund has fixed non-fulfillment of investment obligations by Ukrtelecom, in particular investing in the amount of $ 450 million and the construction and transfer special communication lines to state’s property”.

“In turn, the State Property Fund appealed to the court requesting to cancel the purchase and sale agreement, return the shares to the state’s property and collect fines of $ 80 million for non-fulfillment of investment obligations. The court of first and second instance supported the position of the Fund”, said Vitalii Trubarov.