A Ukrainian court took away an aluminum smelter from Russian investors
The Supreme Economic Court upheld the claim of the Prosecutor General's Office against Russian investors and returned Zaporozhye Aluminum Plant OJSC to state ownership.
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About it reports the press service of the prosecutor's office.
According to the report, in February 2001, an agreement was concluded between the State Property Fund of Ukraine and AvtoVAZ-Invest CJSC for the purchase and sale of a block of shares in OJSC ZALK, under the terms of which, in addition to the buyer’s obligation to pay the price of the block of shares, it also provided for the obligatory repayment of the debts of the privatized enterprise, namely, the company’s long-term obligations to the State Export-Import Bank of Ukraine under a loan agreement in the amount of more than $75 million.
At the same time, the buyers of a controlling stake in ZALK OJSC - AvtoVAZ-Invest CJSC (Russia) and VELBAY HOLDINGS LIMITED (Cyprus) avoided fulfilling investment obligations to the state to repay the company's debt under the above loan agreement. These circumstances served as the basis for the Prosecutor General's Office of Ukraine to file a corresponding claim.
In turn, Russian companies filed an appeal demanding that the decision of the Kyiv Economic Court be reconsidered based on newly discovered circumstances.
However, the Supreme Economic Court of Ukraine, agreeing with the arguments of the Prosecutor General's Office of Ukraine about the groundlessness of this statement, on September 27, 2016, upheld the court decision to terminate the purchase and sale agreements of 68,01% of the shares of OJSC Zaporozhye Aluminum Production Plant, worth more than 380 million under the agreement hryvnia and returning them to state ownership.
Let us remind you that earlier the Russian Aluminum company (RusAl) stated that they would defend their rights in international courts.
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