A court in Amsterdam, the Netherlands, has ruled to freeze Netherlands-registered Metinvest and DTEK, which belong to Ukrainian businessman Rinat Akhmetov's SCM Holdings and SCM Capital, as part of measures in a legal dispute with Cyprus-based firm Raga, which says SCM has not paid it in full for the 2013 sale of telecoms group Ukrtelecom.
SCM says the ruling does not influence its largest steel and energy assets in Ukraine.
In keeping with a court verdict dated January 5, subject to the freeze are 100% of shares of DTEK Management B.V. and DTEK B.V., as well as a 71.24% stake in Metinvest B.V., and 100% of shares of SCM Management B.V. and Premium Household B.V.
The value of the restrictive measures is estimated at EUR 764.6 million, the document said.
According to SCM's press service, this was the formal execution in the Netherlands of a ruling by a Cyprus-based court, which decided late last year to freeze Akhmetov's assets worth about $820.5 million.
"We've got no information about any new claims against the companies belonging to the SCM group in addition to the Cyprus claim we informed before. As for the work of SCM's assets, they continue work as usual," SCM said.
