OREANDA-NEWS. May 18, 2010. Austrian Raiffeisen Zentralbank Osterreich AG filed a lawsuit with the Commercial Court of the City of Kyiv against Ukraine's largest oil company Ukrnafta <UNAF UK HOLD>. The Austrian bank demands that the respondent pay them a dividend in the amount of UAH 3.164mn.  The lawsuit has been registered in late April.  In addition to the Austrian bank, claims have also been presented to Ukrnafta by Kazimir Partners Investment Fund represented by Kazimir Ukraine Convergence Fund Limited for the dividends payout for 2005 year amounting to UAH 7.6mn.

Millennium Capital sees this news as negative. Information that the dividends were not paid to all shareholders confirms, once again, the lack of transparency in the management of the company. Please note that 50% of the company's shares are owned by the Ukrainian Government (represented by Naftogaz of Ukraine), and 42% are owned by entities affiliated with Privat Group.