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Court bans sale of VEB's Ukrainian unit

A Ukrainian court issued an order to ban the sale of a 99.77% stake in State Development Corp. VEB.RF's Ukrainian unit PSC Prominvestbank, news agency Prime reported July 31.

The court order was requested by VEB, which believes that the planned sale of Prominvestbank shares is illegal and earlier warned potential investors against participating in the transaction.

The stake in question was put up for sale via an auction to be held in August on Ukraine's PFTS Stock Exchange. The initial value of the stake amounts to 532 million Ukrainian hryvnia. The shares were put up for sale by one of the companies associated with Ukrainian businessman Ihor Kolomoisky as part of court proceedings to receive compensation from Russia for assets seized during the annexation of Crimea in 2014, Kommersant said in July.

As of July 31, US$1 was equivalent to 25.11 Ukrainian hryvnia.