The court terminated the state agreement with Tolexis Trading Limited, which is part of the DF Group
The Economic Court of the Zaporozhye Region returned the Zaporozhye Titanium and Magnesium Combine (ZTMK), which was controlled by the structures of businessman Dmitry Firtash, to the state ownership. This was reported by the Specialized Anti-Corruption Prosecutor’s Office on Wednesday, August 4.
It is indicated that the court terminated the state contracts with Tolexis Trading Limited, which is part of the DF Group. This group is owned by Firtash.
Zaporizhzhya Titanium and Magnesium Combine already returned to the state in 2018, but then the Supreme Court ruled to reconsider the case in the court of first instance.
“Today, the court of first instance fully satisfied the claim of the SAP and, by its decision, returned the Zaporozhye titanium and magnesium combine to the state ownership,” the prosecutor’s office said.
In 2013, the State Property Fund signed a contract with the offshore company Tolexis Trading Limited on the privatization of the Zaporizhzhya Titanium and Magnesium Plant with the aim of allegedly attracting investments for the introduction of modern progressive technologies and the creation of highly profitable production.
The company invested $ 110 million in the acquired enterprise to finance the modernization of production with a set time frame during 2013-2015. However, later this money was withdrawn from Ukraine by transferring to the accounts of offshore companies.
“At the same time, only UAH 20 million was actually allocated to modernize production. Therefore, taking into account the deliberate failure of the investor to fulfill his obligations, SAP initiated the termination of the agreement on the establishment of ZTMK LLC and the return of the plant completely to the sphere of state administration,” the SAP added.
ZTMK is the only producer of metallic spongy titanium in Ukraine and Europe. Its design capacity is 20 thousand. tons per year, however, due to the deterioration of production assets, the enterprise can currently produce 10 thousand tons of sponge. The state owns a controlling stake in OOO ZTMK, the structure of Group DF – 49%.
We will remind, in June, President Vladimir Zelensky imposed sanctions against businessmen Dmitry Firtash and Pavel Fuks… In total, on the submission of the SBU, sanctions were imposed against 538 individuals and 540 legal entities.
We are waiting: Kent on Firtash’s extradition to the USA
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