The Supreme Court of Ukraine recognized the sale of 40.2 percent of shares of Poltava GOK as valid

The Supreme Court of Ukraine decided not to satisfy the claims of four Cypriot companies, which sold 40.19 percent of the shares of Poltava GOK in 2002, to the specified share. The court protected the rights of foreign investors. According to a press release from the FCLEX law firm, his lawyers managed to defend the interests of Poltava GOK. The subject of a corporate dispute in the Supreme Court of Ukraine was the validity of the contract for the sale and purchase of 40 percent of the shares of Poltava GOK, the price of which is currently $ 100 million.

In 2002, four non-resident companies belonging to VS Energy (Gilson Investments, Calefort Developments, Emsworth Assets and Trimcroft Service), which sold 40 percent of the shares of Poltava GOK to persons related to the current owners of the plant. However, in 2005 the sellers went to court to annul the sale as the securities trader's participation in the contract was formal and the sellers wanted to obtain licenses from professional stock market participants. The dispute lasted since 2005 and the Supreme Court of Ukraine with the latest decision upheld the position of the investors and the plant, approving the legitimate status of the contract for the sale of 40 percent of the shares.

The latest decision of the Supreme Court of Ukraine has settled a dangerous precedent that could arise in a huge number of contracts with foreign investors. The importance of the declared position of the Supreme Court of Ukraine contributes to the protection of external investments and legal certainty in the professional stock market.