Re-Privatization Of GOKs Unlikely.
31 October 2008
The Constitutional Court on October 12, 2005 decided not to consider a proposal by 62 MPs to declare the law on Ukrrudprom’s privatization as unconstitutional. Concorde Capital: If this law had been found unconstitutional by the Constitutional Court, the government would have had legal grounds to revise the 2004 privatization of GOKs previously owned by Ukrrudprom. At that time, the stakes in nine ore mining companies owned by the state company Ukrrudprom were privatized, specifically, Yuzhny GOK (PGZK: BUY), Ingulets GOK (IGOK: BUY), Sukha Balka (SUBA: BUY) and Kryvorizkyy Iron Ore Mining. With the refusal of the Court to start corresponding proceedings we believe the re-privatization of these GOKs is unlikely.
