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You're reading: Ukrainian billionaires clash in England

The enterprise at the heart of the
dispute consists of an iron ore enrichment plant and iron ore mines located in and
near the southeastern Ukrainian industrial city of Kryvyi Rih. It has been a
profitable enterprise, producing iron-ore ingots for Ukraine’s steel industry,
the money-spinning sector of the country’s economy. 

Pinchuk claimed
he had paid $143 million for KZhRK and accused the defendants of forcibly
seizing it on March 3, 2005: “Individuals believed to have been acting on the
instructions of the defendants forcibly entered the premises of KZhRK” and took
control of the plant. “Since that time, the defendants have exercised
management control over KZhRK to the exclusion of the claimant.” 

Pinchuk also brought
Ukraine’s top billionaire, Renat Akhmetov, into the dispute. He claimed that
the defendants had no right to sell some of the KZhRK shares to Akhmetov. 

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