Today the leaders of the Radical Party Oleg Liashko and Igor Mosiychuk with one more radical MP personally attempted to raid a small gas distribution company in Poltava region “Lubnygaz”, the company told in its official press statement.
According to the announcement of the event, distributed among the party members, the radicals demanded “to take back the gas distribution grid from oligarchs (meaning shareholders of “Lubnygaz” – one Russian citizen and the Hong Kong-registered NG Ching Yu), which obtained them illegally during the Yanukovich period, and return it to Ukrainians”.
In its statement “Lubnygaz” called these allegations “laughable”, saying that the Russian individual has already disposed of his stock in the company, while the Hong Kong-registered NG Ching Yu became shareholder in the gas distributor in course of 2012 privatisation.
NG Ching Yu (acting through its Ukrainian agent) won a two-hours-long privatisation auction for the 26%-stake in “Lubnygaz”, which numbered 512 steps and raised the starting price of this stake by 15,3 (!) times – from 330 th to 5,06 mn hryvnas.
With the account of the associated investment obligations (totalling 2,6 mn hryvnas, fully paid) NG Ching Yu paid for the 26%-stake in “Lubnygaz” 7,66 million hryvnas or over $1,5. This is the highest price ever paid for a Ukrainian gas distribution company, if calculated by its gas distribution capacity – “Lubnygaz” said.
According to the company, “Lubnygaz’s” stock belongs to over 1200 shareholders – both physical persons and legal entities. Its major shareholders are NG Ching Yu (26%), NAK “Naftogaz of Ukraine” (25%) as well as British “Green Energy Capital Investment” (19,4%) and Alter Energy Resources (24,9%).
As the UK and Ukraine have the Mutual investment encouragement and protection agreement, “Lubnygaz” may seek protection from the competent bodies of the UK and China, the company said.
According to its statement, the core of the conflict is the 7,5 mn hryvna dept to “Lubnygaz” by the local utility company “Lubnyteploenergo”, the management of which is controlled by the Radical Party members. “Lubnygaz” called this debt “artificial”, stressing that the company has profit in January-April this year and also spend money on secondary projects before paying off the cost of gas delivery, which is part of its production costs.
“Lubnygaz” has won four legal cases against the utility, with all four court rulings ordering “Lubnyteploenergo” to pay off the debt. “Having used all legal means [without success], the radicals may have decided to act with force – by capturing their creditor”, - said “Lubnygaz”.
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