ukrainian news - 01.06.2005
Ukrainian prosecutor’s office filed a suit against privatization violations on Rubezhansky
The suspected violations led to a financial damage of $17 million. The case was initiated in accordance with the article that envisages the punishment of 5-8 years’ sentence .
Earlier the prosecutor’s office initiated a case against a number of officials employed in the State property fund, the state-owned company Ukrbumprom, Ukrainian international stock exchange accusing them of gross violations, fraud and illegal privatization of 20% of Rubezhansky.
Earlier the State property fund filed a request to the Kiev arbitration court in order to acknowledge illegal the sale of 20% of shares of Rubezhansky on the Ukrainian stock exchange in September 2004. Previously the prosecutor’s office arrested 20% of Rubezhansky owned by the Interregional fund union and also UAH 13 million ($2.6 million) owned by the First investmeent bank.
In February, Kiev prosecutor’s office filed a suit against the illegal sale of Rubezhansky shares on the Ukrainian stockmarket, violations and fraud.
In 2004 Ukrbumprom sold 20% shares of Rubezhansky. The stock was acquired by Invest-Consultant for a company in the process of liquidation MegaCOM that sold the stake to Richmon Commercial Ltd. offshre registered in the British Virgin islands. Rubezhansky claimed to have lost UAH 13 million of turnover ($2.6 million) and was about to fail to fulfill the credit agreement of $14 million signed with the EBRD.
34.8% of Rubezhansky shares are owned by DSS Eastern Europe Limited (UK), 40.14% of shares are owned by a non-resident individual.
The enterprise occupies 30% of the Ukrainian market. Lesprom
See also:
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- — Ukrainian International Foreign Exchange VS Rubezhansky lawsuit postponed for an indetermined term
- — Timber cargo transportation through Odessa railroads up 34.8%