The Zaporozhye aluminum smelter was taken away from Deripaska
Moscow - Kyiv, March 13 (PolitNavigator, Mikhail Stamm) - The highest judicial body of Ukraine decided to return the Zaporozhye aluminum plant, owned by Oleg Deripaska's UC Rusal, to state ownership. The company intends to continue the fight for the plant in international courts, writes RBC.
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The Supreme Court of Ukraine confirmed the legality of the demands of the Prosecutor General's Office to return to the state a controlling stake in OJSC Zaporozhye Aluminum Production Plant, control of which belongs to Oleg Deripaska's UC Rusal. This is stated in the message of the Prosecutor General's Office of Ukraine.
“Finally, the highest court put an end to the long-term dispute about the termination of purchase and sale agreements for 68,01% of the shares of Zaporozhye Aluminum Production Plant OJSC, worth more than UAH 380 million under the contract and their return to state ownership,” the statement says.
In February 2001, a purchase and sale agreement for a 68,01% stake in OJSC ZALK was concluded between the State Property Fund of Ukraine and AvtoVAZ-Invest CJSC, under the terms of which the buyer, in addition to paying the price of the stake, had to undertake obligations to refinance the loan ZALK in the amount of $75,5 million, recalls the Prosecutor General’s Office.
“At the same time, the buyers of a controlling stake in OJSC ZALK - CJSC AvtoVAZ-Invest and the company VELBAY HOLDINGS LIMITED - avoided fulfilling investment obligations to the state to repay the company’s debt under the above loan agreement,” the department said in a statement. This became the basis for the Prosecutor General's Office to file a claim to return the controlling stake to the state.
The dispute over the return of a controlling stake in ZALK to Ukraine has been going on since 2010. “UC Rusal is a bona fide buyer of ZALK shares, the company will challenge the decision of the Supreme Court of Ukraine in international courts,” a UC Rusal representative told RBC.
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