OREANDA-NEWS. February 8, 2008. The Supreme Economic Court reaffirmed the validity of the decision on increasing the authorized fund made by the shareholders of Dneproenergo on 27.08.2007.

This was communicated to Ukainskie Novyny by Dmitry Tevelev, the Member of the Board of Dneproenergo.

"The official claim of Dneproenergo has been satisfied, the decision of Zaporozhye Economic Court of Appeal has been overruled and the decision of Zaporozhye Economic Court has been recognized as valid", he said.

As the agency informed, on 10.01, the Supreme Economic Court has suspended the ruling of the Court of Appeal of Zaporozhye until the case is examined by substance.

On 21.11, Zaporozhye Economic Court of Appeal, after receiving the claim from investment company Business-Invest (Dnepropetrovsk, controlled by PrivatBank group), recognized as void all the decisions made at Dneproenergo shareholders’ meeting including the increase of the authorized fund.

On 01.11, Zaporozhye Economic Court considered the claim from Business-Invest to Dneproenergo on recognizing as void the decision of the general meeting of shareholders dated 27.08.2007 and rejected it.

On 27.08, the shareholders of the Company decided to increase the authorized fund by UAH 51.086 m to UAH149.186 m by the issue of new shares due to the merger with Investment Company Ltd.

It is assumed that resulting from the additional issue of shares, Donbass Fuel-Energy Company Ltd. (DTEK, the majority owner of which is Rinat AKHMETOV) will consolidate 44.279% of the shares in Dneproenergo OJSC.

In particular, Investment Company Ltd. will gain control over a 34.243% shareholding and DTEK-affiliated Cyprus DTEK Holdings Limited will have its share reduced from 15.262% to 10.036%.

Dneporenergo and Investment Company, formed by Pavlogradugol and Komsomolets Donbassa mine incorporated into DTEK, agreed to invest UAH 1.01 bln into the power company between 2008 and 2012.

Dneproenergo’s bankruptcy procedure was started in December 2001.

On 30.10.2003, the court acknowledged Dneproenergo’s debts to creditors to the amount of UAH 1,3 bln compared to the previously claimed UAH 3 bln.

76.04% of Dneproenergo’s shares are owned by the state and managed by the State National Joint-Stock Company Energy Company of Ukraine.

According to Dneproenergo’s OJSC data, Business-Invest IC Ltd. owns 0.00655% of the company’s authorized fund.