Court returns Kryvorizhstal to owners
The Pechersky Court in Kiev, Ukraine, yesterday (April 21) canceled an earlier ruling, dated February 17, that would have stopped the privatization of Ukraine's largest steel mill, Kryvorizhstal. The change in the Court's verdict came upon an application for appeal filed by the purchasers of the mill, Rinat Akhmetov's and Viktor Pinchuk. Akhmetov is the President of Investment-Metallurgical Union consortium, while Pinchuk is the son-in-law of former Ukraine President Leonid Kuchma. Kryvorizhstal was sold to the pair for $800 million despite higher bids from major global steelmakers. Ukrainian Prime Minister Yulia Tymoshenko had said that the Court's initial decision in February was a victory for the new government and the revolution. Just a week ago, the prime minister had declared that the government would cancel the questionable privatizations of other companies as well. A separate case involving the Kryvorizhstal matter is still pending in another Ukrainian court.