SPF denies Group DF's accusations of embezzlement of funds intended for investment in ZTMC.

Interfax-Ukraine

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Participants of PJSC Zaporizhia Titanium and Magnesium Combine(ZTMC), a 51% share of which is owned by the state through the State Property Fund(SPF)of Ukraine, at their meeting on August 10 decided to channel the funds contributed by the investor in the amount of UAH 177.7 million strictly to the reconstruction of the enterprise.

"At the general meeting of the company's participants, it was decided to allow the targeted use of UAH 177.748 million. Separately, we note that all funds of ZTMC are blocked due to debts for electricity generated by the previous management of the enterprise," the press service of the SPF told Interfax-Ukraine last week in response to the news agency's request.

As Group DF reported earlier, the Higher Anti-Corruption Court(HACC)ordered the National Anti-Corruption Bureau of Ukraine(NABU)to open criminal proceedings into the attempt of the newly appointed ZTMC management to embezzle funds contributed by the investor – Tolexis Trading Limited – for the reconstruction of the enterprise. HACC, by its decision No. 991/7049/20 dated September 3, 2020, obliged NABU to enter information about a criminal offense under the lawsuit filed by the investor of ZTMC into the register.

This is about funds in the amount of UAH 159 million contributed in 2013 by Tolexis Trading Limited for the modernization of the plant in accordance with the agreement on the establishment of ZTMC LLC.

"This money was forced to be kept in deposit accounts of ZTMC LLC... The current management of ZTMC LLC, together with representatives of the State Property Fund on August 10, 2020, at a general meeting of ZTMC LLC participants, decided to use UAH 159 million for other, not related to reconstruction of ZMTC LLC, goals," Group DF said then in a press release.

In this regard, Tolexis Trading Limited demanded to open criminal proceedings against the current management of ZTMC, recognize Tolexis Trading Limited as an injured party and arrest ZTMC's accounts in order to avoid illegal waste of funds. Before the court's decision, NABU refused to start an investigation into this fact due to the corpus delicti, Group DF said.

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