10 June 2004 17:59
UKraine - Legality of UMC sale to be investigated
UMC (Ukraine), cellular operator, has seen the Prosecutor General's Office in the Ukraine file a lawsuit
challenging the sale of a 51% stake in the company to Mobile TeleSystems (MTS) (Russia). Filed with the Supreme Economic
Court in the Ukraine, the lawsuit aims to cancel all orders and actions of the State Property Fund that led to the sale.
Prosecutors believe the Fund has violated laws outlining the privatisation of Ukrtelecom, national phone company and
majority UMC shareholder. The Fund sold 25% of Ukrtelecom's UMC stake for USDlr84.2 mil in late-2002, followed by
the sale of the remaining 26% stake in 2003 for around USDlr87.6 mil.
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