OREANDA-NEWS. September 22, 2010. The Kyiv municipal commercial court postpones until October 5 the proceedings in the lawsuit filed to refund USD 58 mn to Briansk engineering plant (Russia) paid for participation in the privatization sale of Luhanskteplovoz in 2007, the Court representative announced on Sep 21. As earlier reported, in July 2010 the High Commercial Court of Ukraine overturned the ruling of the Kyiv municipal commercial court dated 1 April 2010 obligating the State Property Fund to refund the USD  58 mn paid by the Russian investor as a bid for the shareholding in Luhanskteplovoz in 2007 and sent the case back for repeat consideration by the first instance court. On the 1 September 2010, the State Property Fund proposed terminating by mutual consent the agreement of 29 June 2010, under which it sold 76% of the shares in Luhanskteplovoz to the Bryansky engineering plant because of the failure to pay (UAH 410 million) for the shares.

Millennium Capital considers the news as negative for Luganskteplovoz (LTPL UK), as company has already involved in high-profile lawsuits. LTPL stands a strong chance of losing the Russian investor, along with a potential opportunity of getting plentiful orders from the Russian railways.