Supreme Court Throws Out KRAZ Suit, Gives LTPL Privatization Green Light

Yesterday, Ukraine’s Supreme Court overturned a ruling by the Kyiv Appeals Court thus invalidating a lawsuit by AvtoKrAZ (KRAZ: BUY) connected to a previous privatization tender for Luhanskteplovoz (LTPL: HOLD), where despite being the only bidder, KRAZ was not allowed to buy LTPL. KRAZ’s suit had been blocking the State Property Fund from holding a new tender for LTPL which originally was scheduled for October. Olha Pankiv: The SPF is now likely to go ahead with the tender following the new year.  LTPL needs the tender to provide it with desperately needed working capital. The current tender conditions appear to put Russia’s TransmashHolding in the driver’s seat.