Prosecutor General's Office Sues to Reprivatize Zaporizhya Aluminum
5 February 2008
TheProsecutor General’s Office has sued to terminate the 2001 sale of a 68% stake in Zaporizhya Aluminum (ZALK: HOLD) in the Kyiv Economic Court, according to Ukrainian News. Meanwhile, Deputy Prosecutor General Viktor Kudriavcev said that they will discontinue their lawsuit if the owners pay off a USD 75 mln loan as fixed in the terms of privatization. In the February 2007, the Supreme Court upheld Rusal’s liability for the company’s USD 75 mln loan. Current major shareholder, Rusal, announced yesterday that they would study the PGO’s claims. Andriy Gerus: We believe it is more probable that the PGO and Rusal will reach an agreement to resolve the claims rather than letting the issue play in the courts.
