The nationalisation of UkrTelecom – or not

In 2011 the Ukrainian State sold 92.79% of Ukrtelecom to a company called ESU for UAH10.6 billion.  ESU was a subsidiary of EPIC, an Austrian company.

In 2011, the UAH – US$ exchange rate was approximately UAH8 = S1, so the sale raised +/- $1.3 billion (for somebody, as this was during President Yanukovych’s reign, so who knows where the funds ended up).

In 2013 Raga Establishment Ltd (formerly trading as Epic Telecom Invest Ltd), a Cypriot company owned by Ukrainian banker (and London resident) Denis Gorbunenko, bought Ukrtelecom from ESU.