Demurinsky GOK // Mikhail Shelkov, the main beneficiary of the Russian VSMPO-Avisma Corporation, the world’s largest titanium producer (Photo: e1.ru)
Supreme Anti-Corruption Court partially satisfied the claim of the Ministry of Justice for the confiscation of Ukrainian assets of Russian billionaire Mikhail Shelkov, the main beneficiary of the Russian VSMPO-Avisma Corporation, the world’s largest titanium producer, writes HB.
In particular, the court recovered a 100% stake in the authorized capital of VSMPO Titan Ukraine LLC to the state revenue, but refused to confiscate 100% of Demurinsky Mining and Processing Plant LLC, reports Interfax-Ukraine.
Head of the Sanctions Policy Department of the Ministry of Justice Irina Bogatykh statedthat the ministry is preparing an appeal against this court decision.
According to her, the Ministry of Justice is convinced that the Russian billionaire Shelkov continues to exercise control over the Demurinsky GOK.
Bogatykh drew attention to the fact that VAKS did not consider sufficient such evidence of Shelkov’s control over the GOK as the sale of 75% of the corporate rights of the Cypriot company that owns the GOK for 3.75 thousand euros a few days before the start of a full-scale war, in conditions when the company the seller and the Cypriot company have already been sanctioned.
In addition, as Bogatykh pointed out, part of the management that worked for Shelkov continued to work in the Cypriot company and Demurinsky GOK after the alleged sale of 75%. She added that the presence of GOK’s debt through the Cypriot owner company to VSMPO Avisma allows Shelkov, in case of non-repayment of this debt, to levy execution on the GOK itself.
“The presiding judge in this case expressed a dissenting opinion, which can be found in the Unified State Register of Court Decisions No. 991/6606/22“, – said in statement press office of the court.
VAKS clarified that an appeal can be filed with the Appeals Chamber of VAKS within 5 days from the date of the announcement of the decision.
Shelkov, ranked 59th in the Forbes rating of Russian oligarchs with a fortune of about $1.5 billion, was included in the Ukrainian sanctions list back in 2021, and in October 2022 the sanctions against him were expanded.
The Ministry of Justice also asked to recover the companies Investagro and Tai-Minerals established by the Demurinsky GOK to the state.
The revenue of Demurinsky GOK for the nine months of 2021 is UAH 348.04 million, VSMPO Titan Ukraine is UAH 324.65 million.
