Cyprus court bans Ukrainian oligarch Akhmetov from spending more than €20,000 per month

Ukrainian oligarch Rinat Akhmetov has been prohibited from spending more than €20,000 per month. This restriction was imposed by a ruling of the Nikosia District Court (Cyprus) to freeze the businessman’s assets as part of the Ukrtelecom case, Tsenzor.net reports.

The court ruling specifies that the defendants can “use and administer a monetary amount of 20,000 euros per month to cover their own court expenses”.

The court’s ruling against Akhmetov and nine other persons was adopted on December 27 as part of the case by Raga Establishment, a company which belongs to Denis Gorbunenko, chairman of the board of Rodovid Bank.

Raga claims to have sold Ukrtelecom to Akhmetov for $860 million in 2013, but that he paid only $100 million, and the company has subsequently received no more funds from him. Raga also presented a list of Akhmetov’s assets which could be frozen in the event of a corresponding ruling of the national courts.

The list of Akhmetov’s assets includes 100% of the share capital of UATelecominvest (Cyprus), shares in the First Ukrainian National Bank, 100% of the share capital of SCM-Invest, SCM Sport Limited (Cyprus), 90.25% of the share capital of Shakhtar Stadium, 100% of the share capital of SCM Management (Netherlands), 100% of the share capital of ESPV Limited (which owns the corporate rights group Esta, SCM’s industrial holdings in the property sector), UMBH (Ukrainian Machine Building Holding, Cyprus) which owns more than 50% of PJSC Donetskhormash, 100% of Vesco Limited (Cyprus) (which owns the company Vesko, Ukraine’s largest open-pit miner of clays with high plasticity, a white color and strength after firing, used to produce ceramic tiles, porcelain, earthenware, glass, crystal glass, electric insulators, sanitary ware, bricks and roof tiles), 100% of Parallel Nafta (which owns the corporate rights of the Parallel fuel group (gas stations)), 100% of SCM Finance, 100% of the share holdings of DTEK, as well as other assets.

On December 27, the Nikosia District Court ruled to freeze $820 million of Rinat Akhmetov’s assets as part of the Ukrtelecom case.

  Akhmetov, Ukraine, Cyprus

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