The State Property Fund believes that even during the war, each of the three enterprises is a promising asset, writes ZN.
The State Property Fund is preparing for privatization three industrial giants in Zaporozhye: Zaporozhye Titanium and Magnesium Plant, Kremniypolimer and Zaporozhye Aluminum Production Plant. About it informs press service of the Foundation.
For this purpose, the Deputy Chairman of the State Property Fund, Yana Matieva, visited industrial enterprises in Zaporozhye, discussed with the management their work and preparation for privatization.
The State Property Fund believes that even during the war, each of the enterprises is a promising asset for future investors, because:
- Zaporozhye Titanium and Magnesium Combine is the only manufacturer of sponge titanium in Europe;
- Kremniypolimer is the only manufacturer of organosilicon products (silicones) in Ukraine;
- Zaporozhye Aluminum Production Plant is the former flagship of the aluminum industry, the only producer of primary aluminum.
“Our goal is to prepare enterprises for privatization and make them attractive to investors. We send funds from privatization to support the Defense Forces”Matieva noted.
Recall:
- ZTMK LLC was created on the basis of Zaporozhye TMK, the only producer of titanium sponge in Ukraine and Europe. ZTMK was 51% owned by the State Property Fund and 49% owned by Tolexis Trading Limited, where Firtash was the beneficiary.
Firtash, represented by Tolexis Trading, was supposed to invest $110 million in the enterprise and receive a 49% stake in return.
Firtash secured the appointment of his management to the company, whose decisions most of the money was spent on paying off debts on energy resources and to creditors associated with Group DF. Subsequently, these funds were withdrawn from Ukraine by transferring them to the accounts of offshore companies. Only 20 million hryvnias were allocated for the modernization of the enterprise.
Since 2016 the state sought return ZTMK to state ownership. In May 2022, the Supreme Court put an end to this case, returning the entire property complex of the enterprise to state ownership.
September 23, 2016 NABU detectives detained director of ZTMC in the framework of the investigation of criminal proceedings on the embezzlement of 492 million hryvnia.
- Another enterprise that is put up for sale is Kremniypolimer, a chemical industry enterprise. The products were exported to 20 countries of the world.
The enterprise from time to time got into high-profile scandals – from non-payment of wages to embezzlement by management on an especially large scale.
“Silicon polymer” is one of the largest air pollutants in Zaporozhyewhere 230 enterprises are located.
In 2020, the state executive service seized all the property and accounts of the enterprise.
“Kremniypolimer” is located under sanctions in Russia since 2018. The sanctions provide for the blocking of non-cash funds, book-entry securities and property on the territory of the Russian Federation, as well as a ban on the withdrawal of capital from Russia.
- “Zaporozhye Aluminum Production Plant” (ZALK) has been owned by Russian billionaire Oleg Deripaska since 2001, but the Russian owners defaulted. A 68% stake in the enterprise was transferred to state ownership returned in 2015.
However, the Ukrainian manufacturer actually paralyzed due to the monopoly of the Russian “RUSAL” in the raw materials market and almost does not work.
Since 2018, the Security Service of Ukraine has been asking to apply sanctions to the Russian RUSAL, but as a result, the company was not included in the sanctions list.
Western sanctions have been officially imposed on Deripaska for his connections and support for Putin.
Zaporozhye Aluminum Production Plant is the only producer of primary aluminum in Ukraine.
We also recall that part of the Zaporozhye region is under occupation, and the regional center is subjected to constant shelling.