SPF Defends Cherkasy Azot Owners.

The State Property Fund announced yesterday that its part of an investigation into the privatization of Cherkasy Azot (AZOT: BUY) found no evidence of wrongdoing. The SPF said it had done a retrospective valuation of Cherkasy Azot, as requested by the prosecutor general last month, and concluded that the sales price was fair. Cherkasy Azot was privatized in several stages in 1994-1998. Vladimir Nesterenko: The current owner of Cherkasy Azot, Ukrsib group, will welcome the SPF’s verdict. AZOT’s minority shareholders, who are believed to have requested the investigation, lost this battle and seem likely to lose the war as well. Court challenges to last year’s share emission, which diluted the minorities’ stake, are still dragging on.