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KIEV ) -- Ukrainian President Leonid Kuchma on Thursday canceled a scheme launched by his predecessor to issue bonds worth $10 billion -- denounced by many politicians as a plot to sell off the country's resources.
Kuchma issued a decree dissolving the Ukrainian Credit Fund which was to oversee the sale of 400 bonds, each priced at $25 million and backed by natural resources and industry.
Former President Leonid Kravchuk, defeated by Kuchma in elections last July, proposed the bond issue last year to attract foreign capital to Ukraine's faltering economy.
Kuchma Cancels Issue
16 December 1994
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