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You're reading: Prosecutors put hold on Akhmetov’s shares in Ukrtelecom, TriMob
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The Pechersk Kyiv Court has arrested Rinat Akhmetov’s shares in monopoly fixed-phone operator Ukrtelecom and its subsidiary TriMob, “protecting the interests of the state and seeking to refund the loss,” while investigating the companies’ involvement in misappropriation of state funds.

The court decision involving Ukrtelecom’s majority stake belonging to Akhmetov’s System Capital Management holding came after request by Ukrainian General Prosecutor Yuriy Lutsenko, whose prosecutors are investigating possible embezzlement connected with the Ukrtelecom privatization in 2011 during the presidency of Viktor Yanukovich, who fled the nation for Russian exile in 2014 at the height of the EuroMaidan Revolution.

Lutsenko says the agency’s organized crime department is investigating the provision of Hr 220 million ($8 million) from the Ukrainian national budget ordered by Yanukovych and the privatization of 93 percent of shares in Ukrtelecom at a price discounted by Hr 1.6 billion ($59 million).

SCM, however, denies the allegations, saying that the holding did not participate in the Ukrtelecom privatization.

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