KIEV, July 30 – Under an appeal of the State Property Fund, the Kiev Economic Court has cancelled a 2003 privatization agreement to sell a 90.25% stake in Mykolayiv-based Black Sea Shipyard due to the non-fulfillment of its conditions.

"The court ruled to cancel the agreement and return the stake to the state," the fund's press service told Interfax-Ukraine last week.

The fund said that the ruling is by a court of the first level, and is likely to be appealed.