Currently the Appointment StartTime and EndTime are exported with TZID ( TimeZone ID) which must not be applied when the times are specified in UTC and leads to incorrect values when imported in Outlook. Available in LIB version 2016.2.530, it will be also available in the 2016 R2 SP1.
See forum http://www.telerik.com/forums/export-to-ical-with-wrong-datetime-format for some more info.