Court postpones hearing case on return of stakes in Kyivenergo, Kyivgaz, Kyivvodokanal to city
Kyiv's business court has postponed the hearing of a case on the return of stakes in Kyivenergo, Kyivgaz and Kyivvodokanal to ownership of the city of Kyiv, the press service of the Kyiv General's Office has reported.
"The court hearing is postponed aiming to execute the Hague convention regarding the studying of the case by defenders staying in Cyprus," the office said.
As reported, the Kyiv Prosecutor's Office on September 4 lodged a lawsuit with Kyiv's Economic Court to return a 12.7% stake in power supplier Kyivenergo, a 61% stake in gas supplier Kyivgaz and a 67% stake in water supplier Kyivvodokanal to the city.
The Kyiv City Council in June 2004 decided to create Kyivenergoholding together with Cypriot companies Densec Limited and Zarova Limited in the form of a closed joint-stock company, and the Antimonopoly Committee of Ukraine permitted this in November 2004.
Kyivenergoholding received 67% of Kyivvodokanal shares, 60% of Kyivgaz shares and 12.73% of Kyivenergo shares, and Zarova and Densec contributed UAH 147.132 mln in cash to the company's management, receiving 19% and 20% of the company.
DTEK now holds 97.4% of Kyivenergo.
As of the beginning of 2017, some 61% of shares of Kyivenergoholding still belong to the Kyiv community, another 24.98% are held by Artio Global Investors Ltd (the U.K.) and 14.02% by Densec Limited (Cyprus).
