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Smart Holding to challenge decision of cassation court to invalidate contract for sale and purchase of Kharkivoblenergo shares by company

KYIV. Sept 23 (Interfax-Ukraine) – Smart Holding intends to challenge the decision of the Economic Court of Cassation, taken on September 21, 2022, to invalidate the contract for the sale of shares of JSC Kharkivoblenergo by Smart Holding (Cyprus) Ltd, the company said in a press release on Friday.

"While awaiting the full text of the decision of the relevant court to clarify further legal actions, Smart Holding declares its readiness to defend its legal right to be a shareholder of JSC Kharkivoblenergo and eradicate the corruption component in the company’s management," the company said.

As Smart Holding said, since the consolidation of corporate rights of 29.7950% of JSC Kharkivoblenergo, the company has repeatedly drawn the attention of the State Property Fund, the Ministry of Energy, the National Security and Defense Council, law enforcement agencies and the public to signs of corruption in the activities of the company’s management, which, according to Smart Holding, leads to the theft of hundreds of millions of hryvnias annually and put Kharkivoblenergo on the verge of bankruptcy.

"We call on the Ministry of Energy, as a body authorized to manage the corporate rights of companies that belong to the state of Ukraine, to pay attention to signs of corruption in the actions of the management of the enterprise that is of strategic importance for the country’s economy and security," the company said.