MMK Illicha Steel Remains Vladimir Boyko’s

The Constitutional Court of Ukraine cancelled its investigation into the legitimacy of the MMK Illicha Steel (MMKI: BUY) privatization. The case was opened in February 2007 into the competitiveness of the tender, which was disputed by 47 MPs, as only Illych Stal was allowed to bid. More than 90% shares of MMK Illicha Steel are currently owned by Illych Stal, which is controlled by Vladimir Boyko. Eugene Cherviachenko: Now that the privatization is recognized as legal, it will improve Boyko’s chances of selling the asset. In September, Boyko said that he was seeking a partner. We reiterate our BUY recommendation.