Home / Business / Local Business / Cyprus court imposes injunction on Ukrainian billionaire

Cyprus court imposes injunction on Ukrainian billionaire

The Nicosia District Court has imposed a temporary injunction blocking company shares belonging to the billionaire owner of Ukrainian football club Shakhtar Donetsk, Rinat Akhmetov.

Akhmetov is ranked among the wealthiest men in Ukraine with a net worth value of around €16billion and is also the owner of Ukrainian football club Shakthar. His main interests are primarily in business whilst he is the founder and owner System Capital Management (SCM).

In the last decade, Akhmetov has courted controversy. During the 2014 pro-Russian conflict in Ukraine, some pro-Ukrainian activists accused Akhmetov of being a financial backer of the separatist militants in Donetsk.

He has also been accused of having ties to criminal organisations.

This week, it emerged that a court in Nicosia blocked Cypriot company shares to the tune of €656million belonging to Akhmetov following an appeal from another Cypriot company. The company in question had recorded profits amounting to €10.5bn in 2015 according to court documents.

The appeal is based on a dispute between the two companies concerning the sale of the former state telecommunications organisation in Ukraine for €830m.

Both sides have disagreed on an amount said to be in the region of €712m and the matter recently ended up at the London Court of International Arbitration (LCIA). The injunction is expected to endure at least until 30 days after the date of issuance of an arbitral award from the LCIA.

Check Also

Unemployment rate drops to 10.6% in Q2

The number of people out of work in the second quarter of 2017 was 10.6% …

European Commission team looking at Larnaca Port concerns

The EP Committee on Petitions (PETI) is conducting a fact-finding mission in Larnaca between Wednesday …