The Kyiv Appeal Court Freezes 93% of Kryvorizhstal (KRST: Buy) Shares

The Court prohibited the Investment Metallurgical Union (IMU), the current owner, to conduct any alienation of the company’s assets and take any actions involving management of Kryvorizhstal’s corporate rights. At the same time, President Yuschenko declared that he welcomes amicable agreement between IMU and the Cabinet of Ministers regarding the privatization of the KRST, if it will be based on the decision of the court. Concorde Capital: Yuschenko welcoming of the amicable agreement was rather artificial statement of openness of the new authority to the business, as he did not define, what the agreement would imply. The Prime Minister Yuliya Tymoshenko declared more specific actions of the authority, posting that there is only one solution in Kryvorizhstal case ? new tender.