Kryvorizhstal Case Goes To European Court of Human Rights

The Investment and Metallurgical Union (IMU) is asking the European Court of Human Rights overturn a Ukrainian Supreme Court decision that ruled the privatization of Kryvorizhstal (KRST: Buy) at the end of 2004 was illegal. Previously, Ukraine’s High Economic Court ruled the privatization was legal, but the decision was overturned by the Supreme Court. Concorde Capital: KRST’s privatization was too much of a high profile case for the government to back out of holding an new auction. Foreign and Ukrainian companies were treated unfairly during the previous auction and it seems the new tender will go ahead, regardless of IMU’s protest.