Galychyna's Property Arrested.

The Lviv oblast economic court arrested the property of Galychyna Refinery (HANZ) on the basis of a suit brought against the company by the local office of the State Property Fund. The SPF complained that Galychyna hadn’t provided minutes of its May EGM. Vladimir Nesterenko: The court case is just a small part of a long-running conflict between Galychyna and the SPF. Both the refinery’s former owner (Igor Yeremeyev), and current owners (Privat/Alfa-Nafta) have been reluctant to put SPF nominees on the company’s supervisory board. We don’t believe the refinery’s operations will be affected and we expect implementation will be put off while Privat appeals. Nonetheless, the conflict negatively affects liquidity of HANZ stock and makes it a bad risk