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Court Dismisses Lawsuit Against Sale of 51% of UMC Shares by Ukrtelecom

Ukrainian authorities have exculpated the Russian MTS communications company, which was indicted on charges of illegally buying shares in the UMC cellular operator.

The Kiev economic court has dismissed a lawsuit filed by the Ukrainian General Prosecutor's Office to invalidate the sale of 51% of UMC shares owned by the national telecom operator UKRTELECOM.

The prosecutor's office maintained that the Ukrainian law on the state UKRTELECOM privatisation programme forbids alienating property if the book value exceeds the sum equivalent to E14,000.

But the court dismissed the suit and the prosecutor's office now plans to appeal the decision.

(NewsBase 16.viii.04)

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