The FINANCIAL — The Kyiv Business Court ruled on may 28 that the privatization of 90.25% of the shares in the Black Sea shipyard (Mykolaiv) worth UAH 116.6 million was illegal.
The press service of the Prosecutor-General's Office announced this in a statement.
The court upheld a lawsuit filed by the Prosecutor-General's Office and invalidated the agreement under which the State Property Fund chairperson Valentyna Semeniuk-Samsonenko sold the 90.25% of the shares in the Black Sea Shipyard.
The court ordered the buyers of the shares to return them to the state.
The Prosecutor-General's Office decided to file the lawsuit after an investigation uncovered that violations were committed during the privatization of 90.25% of the shares in the Black Sea Shipyard.
As Ukrainian News earlier reported, the Kherson shipyard acquired 90.25% of the shares in the Black Sea shipyard from the Sudmashprom company (formerly known as the Mykolaiv low-tonnage wharf) in December 2007.
At the same time, the press service of Sudmashprom said that the company did not sign any agreements on sale of shares in the Black Sea shipyard.
After this, the State Property Fund attempted to invalidate the sale agreement through lawsuits and appeals.
The Black Sea shipyard reported a net profit of UAH 0.669 million for the year 2009, when its net revenues reduced by UAH 5.556 million or 10.71% to UAH 46.323 million compared with 2008.
Founded in 1897, the Black Sea shipyard repairs tankers, bulk carriers, and other kinds of vessels. It also docks ships with dock weights of up to 7,000 tons and lengths of up to 130 meters.