Yulia Tymoshenko was handed her first major victory against the oligarchs when the courts anulled the previous sale of Kryvorizhstal.

7 February 2005 — A Ukrainian court today ruled that the privatization of the country’s largest steel enterprise, Kryvorizhstal, was illegal.

The decision paves the way for the 2004 sale — for a reported $800 million to a domestic consortium called Investment Metallurgical Union — to be annulled.

The reversal was announced one day after Prime Minister Yuliya Tymoshenko said the government plans to review thousands of privatizations carried out by governments that served under former President Leonid Kuchma.
…
A Dutch-U.S. consortium had competed in the tender for Kryvorizhstal, reportedly bidding some $1.5 billion for the Ukrainian steelmaker.

Corrupt indeed! This will bring a lot of money to Yushchenko’s government. In other news, the EU is trying to deliver him a bitch slap by discouraging membership.