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


News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.


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.

Новини по темі

Ukraine cooperates with Sweden in digital transformation sector.

Vice Prime Minister - Minister of Digital Transformation of Ukraine Mykhailo Fedorov met with representatives of the Swedish business community.

Experts elaborate on prices amid lockdown – forecast.

Prices of food products will grow by 4% on average over the year, KSE experts say.

Verkhovna Rada amends law on concession

The Verkhovna Rada of Ukraine approved at second reading and as a whole the bill on postponing the introduction of the Electronic Trading System(ETS)for concession tenders until September 1, 2021.

Hryvnia weakens to U.S. dollar on Dec 2

The rate against the euro is fixed at UAH 34.22 per euro.

Mariupol Sea Port increases volumes of cargo transshipment by 11%.

In January-November 2020, Mariupol Sea Commercial Port increased the volumes of cargo transshipment by 11.2% or almost 600,000 tonnes – from 5.150 million to 5.725 million tonnes, the port’s press service wrote on its Facebook page.

EU report: Ukrainian Railways unreformed, in critical financial situation.

The action plan for implementation of the National Transport Strategy is still not in place.

Abnormal demand for antibiotics leads government to consider export ban.

Health officials have proposed several ways to prevent panic and ensure uninterrupted supplies to hospitals.

Reuters: Oil prices drop on U.S. stock build, delay in OPEC+ meeting

Brent crude oil futures were down by 41 cents, or 0.9%, at $47.01 a barrel by 0358 GMT, while West Texas Intermediate crude was down by 46 cents, or 1%, at $44.09.

Government borrowings in Jan-Nov fulfilled by over 75%.

Internal borrowing in January-November attracted UAH 275.6 billion, which is 78.3% of the target figure.

Biden unveils economic team amid growing concerns over U.

Janet Yellen, announced Monday as Biden's nominee for treasury secretary, served as chair of the Federal Reserve from 2014 to 2018, when she placed a greater emphasis than previous Fed chairs on maximizing employment and less focus on price inflat...