Home / News / Ukraine / Dmitry Firtash will appeal against the decision to return the Zaporozhye titanium and magnesium plant to the state

Dmitry Firtash will appeal against the decision to return the Zaporozhye titanium and magnesium plant to the state

Ukraine

Groupe DF denied the report of the State Property Fund of Ukraine that the property of the Zaporizhzhya Titanium and Magnesium Plant was returned to the state ownership.

Dmitry Firtash will appeal against the decision to return the Zaporozhye titanium and magnesium plant to the state

“The statement spread by the State Property Fund of Ukraine that the“ Zaporozhye Titanium and Magnesium Combine ”is being returned to the ownership of the state is not true. We consider it extremely incorrect on the part of the state institution to distort facts, deception and misinformation of journalists, "says Statement Groupe DF.

Roman Chishinsky, the lawyer of Tolexis Trading Limited, says that the decision to return the metallurgical plant to state ownership was made by the Economic Court of the Zaporozhye region - the court of first instance.

“According to the law, the decision of this court comes into force only if it is not appealed against within the time limit set by the law. Of course, we consider this decision biased and unfair and will appeal against it, "Chishinsky said.

August 4, 2021 The Economic Court of the Zaporizhzhya Region, upon the claim of the Specialized Anti-Corruption Prosecutor's Office in the interests of the state represented by the State Property Fund as a plaintiff, decided to return 49% of Zaporizhzhya Titanium and Magnesium Plant LLC, which belonged to Tolexis Trading Limited (a group DF Group companies), to the management of the State Property Fund of Ukraine.

"Thus, state ownership of the integral property complex of the enterprise has been restored," says Foundation statement .

In the message of the Fund it is said that the court established that the Tolexis Trading Limited company, after receiving in 2013 a share of the newly created ZTMK LLC, did not fulfill its obligations to provide 110 million dollars of investments in the modernization of the enterprise.

It is indicated that the enterprise was transferred to the management of management close to the investor, despite the fact that the state's share in OOO ZTMK was 51%. The designated management squandered the $ 110 million invested to pay off the previously created energy debts of SE ZTMK to creditors associated with Group DF. Later, the funds were withdrawn to the accounts of offshore companies. On the other hand, only UAH 20 million was allocated to modernize the enterprise.

“The court's decision proves that no one can profit from the state and the people of Ukraine. The return of ZTMK to state ownership will ensure further development and renewal of production, which began in 2020. In June last year, a new management was appointed at the enterprise, then we restored state control over the plant and began implementing a program of financial rehabilitation and modernization. Soon ZTMK will regain the status of the pearl of the Ukrainian metallurgy, ”commented Dmitry Sennichenko, chairman of the State Property Fund.

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