Ukrtelecom to sue Russia for $12.3 million as compensation for losses
Rinat Akhmetov, the ultimate beneficiary of DPEK energy holding (Photo:FC Shakhtar)
Ukraine’s monopolist telephone company, Ukrtelecom, will file lawsuits against Russia seeking UAH 450 million ($12.3 million) in compensation for losses in the temporarily occupied territories, Ihor Yaremchuk, the company’s director of strategy and business development, said in an interview with SPEKA online media platform on Aug. 8.
“This is the fair value of the assets located in the temporarily occupied territories, where we were forced to stop economic activity,” Yaremchuk said.
He added that the amount of claims might increase, since the company was currently recording and assessing the damage caused to the assets in the territories already liberated by Ukraine.
The company has also created commissions to prepare material for filing lawsuits both in Ukraine and in Europe.
“Ukrtelecom, as part of the SCM group, will definitely sue, demanding compensation for damages and the value of destroyed, damaged and lost property due to Russia’s full-scale military invasion of Ukraine,” Yaremchuk said.
He added that the amount of UAH 450 million does not take into account the earnings before interest, taxes, depreciation and amortization (EBITDA), which currently amounts to at least UAH 14 million ($382,842) per month.
According to the results of the first half of 2022, Ukrtelecom reported a 15.6% drop in revenues.
The company associates the decrease in income with the loss of control over part of the telecommunications infrastructure and the occupation of part of the territories.
SCM or System Capital Management is the holding company of Ukraine’s richest persons, the billionaire oligarch Rinat Akhmetov.
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