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Cypriot court unfreezes Akhmetov's assets worth $820m

The case concerns a dispute over Ukrtelecom.

Cypriot court unfreezes Akhmetov's assets worth $820m
Rinat Akhmetov
Photo: zn.ua

On 6 June, the District Court of Nicosia ruled in favour of System Capital Management (SCM), a Ukrainian financial and industrial group, in its dispute with Raga Establishment over the status of Ukrtelecom, the country’s largest fixed-line, mobile and internet communications service provider, SCM has said.

As a result of the win, SCM’s assets have been unfrozen, reversing a December 2017 Cypriot court ruling.

Earlier this year, the District Court of Nicosia issued a temporary order to freeze SCM’s Cyprus-based assets up to the amount of 820m dollars, following a dispute with Raga Establishment over the privatisation of Ukretelecom. 

Raga said that it may file a lawsuit to freeze the assets again.

On 26 June 2017, the London arbitration obliged SCM to pay 760m dollars for Ukrtelecom to the previous buyer, Raga Establishment Ltd (previously called Epic Telecom Invest Ltd). Following this decision, the District Court of Nicosia froze Akhmetov's assets.

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