02 April 2021, Friday, 18:43 663

Court Opens Bankruptcy Proceedings Of ISD

Редактор: Daria Zubkova

The Economic Court of Donetsk region has opened bankruptcy proceedings against the Industrial Union of Donbas corporation (ISD, Kramatorsk, Donetsk region).

This is stated in the court's decision, Ukrainian News Agency reports.

According to it, the court decided to open bankruptcy proceedings for ISD at the request of Indumet S.A. (Luxembourg).

At the same time, the court recognized the size of the claims of the initiating creditor represented by Indumet in the amount of the debt of UAH 10.13 billion, as well as the court fee in the amount of UAH 21,000.

Also, this decision introduces a moratorium on satisfying the claims of ISD creditors and introduces a procedure for disposing of ISD property.

It is noted that the inventory of the debtor's property is carried out until May 28.

As Ukrainian News Agency earlier reported, in January, Member of Parliament (Batkivschyna), a shareholder of the Industrial Union of Donbas corporation, Serhii Taruta states that Indumet S.A., which initiates bankruptcy against the ISD, is associated with the Russian Vnesheconombank (VEB.RF state development corporation), which owns a controlling stake in the corporation.

According to Taruta, with the coming to power of Viktor Yanukovych, to minimize risks, he agreed to move away from the management of the ISD, deciding to help management at a strategic level, however, according to him, Vnesheconombank's management turned out to be ineffective.

Earlier, Indumet S.A. asks the Economic Court of Donetsk region to open bankruptcy proceedings against the Industrial Union of Donbas corporation.

The ISD specializes in the production and sale of metal products, previously the corporation controlled the Alchevsk (Luhansk region) and Dnipro (Dnipropetrovsk region) metallurgical plants, the Dniprovskyi pipe plant, the Alchevsk coke and chemical plant (Luhansk region), as well as the Dunaferr metallurgical plant, the metallurgical plant ISD Huta Czestochowa (Poland) and other assets.

In 2019, the court declared the ISD Huta Czеstochowa metal plant bankrupt; the company is currently controlled by the company with Chinese investments Sunningwell International Polska.

ISD co-owners are businessmen Serhii Taruta and Oleh Mkrtchan, as well as Russian shareholders.

In August 2019, the Moscow City Court sentenced Mkrtchan to nine years in prison for fraud worth RUB 1 billion.