29 Mar 2023 18:40

Ukraine State Property Fund plans to quickly sell assets confiscated from Shelkov and Deripaska - Head of Fund

MOSCOW. March 29 (Interfax) - The State Property Fund of Ukraine (SPF) is preparing to put up the Demurinsky Mining and Processing Plant owned by Russian businessman Mikhail Shelkov for privatization, Ukrainian media reported, citing Rustem Umerov, who heads the fund.

Meanwhile, the State Property Fund is also working to take control of the assets of another Russian businessmen, "for example, Vladimir Yevtushenkov and Oleg Deripaska," the report said.

"Legally, the Nikolaev alumina refinery has not yet reached the management of the State Property Fund. As soon as we get it under management, we plan to quickly put it up for auction," Umerov said.

He added that it generally takes 60-90 days to prepare a site for privatization, and it is realistic to start the privatization of the alumina refinery in the second or third quarter of this year.

"If the state gives us other Russian assets confiscated by court ruling, we will put them up for privatization. We are moving as quickly as possible on all cases," Umerov said.

As reported, in February, a Ukrainian court recovered the Demurinsky GOK to state ownership in the case of VSMPO-Avisma beneficiary Shelkov. The plant is engaged in the development of the Volchanskoye titanium-zirconium deposit.

Also in February, the High Anti-Corruption Court of Ukraine satisfied the claim from the Justice Ministry on the transfer to state ownership of enterprises that the court considered affiliated with Russian businessman Oleg Deripaska, including the Nikolaev Alumina Plant, which previously provided 20% of Rusal's alumina output, and which ceased operating in March 2022 due to logistical problems.