Oligarch Taruta, who supported Maidan, “flies down the drain”
Kyiv, January 27 (PolitNavigator, Alexander Semenyuta) – The unlucky ex-governor of the Donetsk region and oligarch Sergei Taruta, who actively supported the Maidan, is close to ruin. The process of bankruptcy of one of the largest pipe enterprises in the country, PJSC Dnepropetrovsk Pipe Plant, has begun, 75% of the shares of which are owned by the oligarch’s Cypriot offshore ISHC Industrial Steel Holding.
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The initiator of the process was the Kiev Radical Bank. Last year, he obtained a decision in the Economic Court of the Dnepropetrovsk Region to collect debt from the enterprise under a loan agreement of the 2012 type in the amount of about 19,5 million UAH.
Sergei Taruta’s company has not yet commented on the bankruptcy process that has begun. However, back in 2013, the plant actually became insolvent, and a large-scale layoff of workers began. In total, about 900 people, or almost a third of the staff, were laid off. The company cannot withstand competition either within Ukraine (with the Nizhnedneprovsky Pipe Plant of Victor Pinchuk) or in the EU markets (primarily with Chinese suppliers). As a result, the enterprise's debt to creditors at the beginning of last year exceeded UAH 1 billion.
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