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Ukrainian appellate court approves sale of VEB's local unit

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Ukrainian appellate court approves sale of VEB's local unit

The Kyiv Court of Appeals allowed companies affiliated with Ukrainian investor Ihor Kolomoisky to proceed with the sale of a 99.77% stake in State Development Corp. VEB.RF's local unit PSC Prominvestbank, reported Aug. 13.

The stake in question was put up for sale via an auction to be held Aug. 28 on Ukraine's PFTS Stock Exchange. The initial value of the stake amounts to 532 million Ukrainian hryvnia. The shares were offered for sale by one of the companies associated with Kolomoisky as part of court proceedings to receive compensation from Russia for assets seized during the annexation of Crimea in 2014, Kommersant reported in July.

VEB said it plans to appeal the latest court ruling, news agency TASS reported Aug. 14. The Russian state-owned lender believes the planned sale of the Prominvestbank stake is illegal and has been trying to block it in Ukrainian courts. VEB also earlier warned potential investors against participating in the auction, noting that it could start legal proceedings to contest the potential purchase.

As of Aug. 15, US$1 was equivalent to 25.43 Ukrainian hryvnia.