The Kiev Economic Court in Ukraine has forced a recent shareholder holding 90 percent of capital in the state joint stock company Black Sea Shipbuilding Plant in Mykolayiv to return the shares to the state.
The decision was based on violations of requirements in the privatisation of the company in Ukraine. Co-owners of the illegally privatised Black Sea Shipbuilding Plant, one of the largest shipbuilding yards in the country, were Russian businessmen, the Churkin brothers.
The Black Sea Shipbuilding Plant engages in the construction and repair of tankers, bulk carriers and other types of ships, as well as the docking of ships weighing up to 7,000 tonnes and up to 130 metres in length.
