Court Suspends Transfer of Turboatom to Industry Ministry

Megabank, which owns 10% of Turboatom (TATM), obtained an injunction from the Kyiv Economic Court forbidding the government from implementing its decision to transfer the management of the state’s 75% stake in the company from the State Property Fund to the Industry Ministry. The Industry Ministry wants to make Turboatom part of the Ukrenergomash group, which includes three other state-owned producers of machinery for the energy sector, while the State Property Fund is opposed. The court will hear the case on July 18. Olha Pankiv: Since the current industry minister is likely to keep his position, but the State Property Fund is expected to change hands, Megabank’s hopes of blocking the merger of Turboatom into Ukrenergomash look slim.