SCM, a company belonging to Ukrainian businessman Rinat Akhmetov, has said that they will appeal against a Cyprus court's ruling to freeze Akhmetov's assets worth $820 million, the SCM said in a statement.
The company said that SCM group did not directly or indirectly participate in privatization of Ukrtelecom in 2011.
As reported, a Cyprus court has ordered the freezing of $820.5 million of the assets of Akhmetov at the request of Raga Establishment, owned by the former head of the bankrupt Rodovid Bank, Denys Horbunenko, which accuses Akhmetov's SCM Financial Overseas (SCM FO) of underpayment for the purchase of Ukraine's fixed-line telecoms group Ukrtelecom, the Financial Times reported.
