| SPF Suggesting Bryansk Engineering Plant Cancel Contract On Purchase-Sale Of 76% In Luhanskteplovoz |
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02/09/2010 11:01 (528 Day 15:25 minutes ago) | ||||
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The FINANCIAL -- The State Property Fund has suggested that the Bryansk engineering plant, Russia, cancel the agreement on purchase of the 76-percent stake in Luhanskteplovoz by mutual consent of the parties, chairman of the State Property Fund Oleksandr Riabchenko told a press conference.
He said that in compliance with the agreement of June 29, the Bryansk engineering plant should have fully put the funds onto the State Property Fund account by August 31, however, it did not.
As a result, Riabchenko said that the purchaser lost right to obtain paid bid security of UAH 40 million back and will have to pay additional UAH 82 million of fine and UAH 2 million for expiry of period.
He added that the Russian company has twenty days to agree with the fund or pay all abovementioned fines.
Otherwise, the State Property Fund will have to address the court to cancel the agreement.
As Ukrainian News earlier reported, the State Property Fund on June 15 announced the Bryansk engineering plant managing company the winner in the tender for selling 76% of the shares in Luhanskteplovoz, as it offered UAH 410 million for the asset with the initial price being UAH 400 million.
The State Property Fund sold the Bryansk engineering plant 76% in Luhanskteplovoz in March 2007.
Then the court cancelled the tender results and the shareholding returned to the state ownership.
Kyiv's Economic Court made the decision on April 1 obliging the State Property Fund to return about UAH 459 million (according to the current hryvnia/dollar rate) to the Bryansk engineering plant.
Luhanskteplovoz manufactures mainline diesel locomotives, diesel trains, direct and alternating current electric trains, conveyers, railcars, and equipment for suburban trains and trams, as well as ore and coal mining equipment.
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