The energy monopolist of Ukraine, Donbas Fuel-Energy Company (DTEK), owned by oligarch Rinat Akhmetov, is preparing a lawsuit with the International Court of Arbitration. The company hopes to restore ownership of the assets lost in the annexed Crimea and compensate for the losses. This is mainly about the energy distribution company in the Crimea Krymenergo.
DTEK CEO Maksim Timchenko stated that the company had long awaited an appropriate response from Russia, but had never received it.
“Therefore, the company, according to the procedure, has started preparing an appeal to the courts.”
In April 2014, the so-called "State Council of Crimea" decided to create the State Unitary Enterprise Krymenergo. The company carried out an inventory of all production facilities owned by DTEK Krymenergo and began selling electricity to consumers of the peninsula.
In June 2014, the Russian-controlled authorities of Crimea registered the private company Krymenergo. And in January 2015, the "State Council of Crimea" nationalized it. As a result, all the assets of the private Krymenergo became the property of the state-owned enterprise with the same name, and the Crimean "government" appointed new managers to it.
In April 2017, within the framework of an agreement between the Cabinet of Ministers of Ukraine and the Russian government on mutual protection of investments, the management of Akhmetov’s Krymenergo officially demanded to return the Crimean assets and compensate for the losses. The losses incurred and potential damages from the loss of control over Krymenergo from Akhmetov are estimated at $ 500 million. The problem was not possible to be solved through negotiations. Akhmetov began to prepare an appeal to the International Court of Arbitration.
For the first time, Akhmetov’s DTEK began legal proceedings on the fact of the alienation of Krymenergo in 2016. At that time, the company estimated losses at hundreds of millions of hryvnias.
In April 2017, DTEK Krymenergo demanded compensation from Russia in the amount of more than $ 500 million for damages from the loss of the company's assets in the occupied Crimea.