Tymoshenko Calls Understated Value Of Ukrtelecom Sale

Yulia Tymoshenko, former prime minister and current leader of the Batkivschyna All-Ukrainian Association party calls understated the price at which the State Property Fund sold 92.79% of shares in Ukrtelecom.

“In my estimation the country lost at least three billion or four billion dollars on the shadow privatisation of Ukrtelecom. I think that Ukrtelecom, which has been sold today at the starting price, was sold by arrangement and at a price much lower than it really costs,” Tymoshenko said.

In Tymoshenko’s opinion, the bargain was of purely corrupt nature.

“Today, on the landmark day of the government anniversary, they have surrendered Ukrtelecom furthermore. Today the people of Ukraine have no Ukrtelecom,” she added.

The Batkivschyna leader has stressed, after the overturning of the ruling authorities and coming to power of new ones, what was illegally taken away from the people and returned to the state.

As Ukrainian News earlier reported, the State Property Fund of Ukraine sold 92.79% of shares in Ukrtelecom, Ukraine’s biggest telecommunication company, to ESU (Kyiv; subsidiary of the European Privatisation and Investment Corporation, EPIC, Austria) for UAH 10.575 billion.

ESU in February officially affirmed its agreement to acquire 92.79% of the shares in Ukrtelecom for UAH 10.575 billion, the price the State Property Fund quoted basing on results of an expert appraisal.

ESU was the only bidder for the acquisition of the 92.8-percent stake in Ukrtelecom, which was the reason for the Fund to apply the procedure of appraising the value of the shares in the company.

The expert appraisal was UAH 75 million higher that the starting price set by the Property Fund for the privatisation competition, which had been scheduled for December 28, 2010.

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