The State Property Fund (SPF) is preparing the Zaporizhzhia Aluminum Plant for privatization in the 3rd quarter.
The SPF has said this in a statement, Ukrainian News Agency reports.
It is noted that the enterprise is now in a difficult financial and economic state due to the inefficient management of previous private owners - Velbay holdings limited, which is controlled by the Russian Aluminum company (RUSAL) of the Russian oligarch Oleg Deripaska.
"In 2015, the state, as a result of a lawsuit, returned a 68% stake to state ownership, transferring it to the management of the SPF. In February 2023, the High Anti-Corruption Court recovered the remaining shares (29.5%) in the income of the state by a lawsuit of the Ministry of Justice. For 14 years, the former owners actually looted the enterprise and destroyed the unique production of primary aluminum. Previously, the plant was the only producer of these products in Ukraine. It had a primary aluminum production capacity of more than 100,000 tons per year. At the time of the return of the 68% stake in state ownership, the plant almost stopped production," the report said.
It is noted that the enterprise has completely rolled up the output of primary aluminum, eliminated alumina production, decommissioned electrolysis capacity.
Currently, the main sources of income of the enterprise are the leasing and sale of assets and production stocks.
In 2022, the plant received a loss of UAH 59.3 million.
As Ukrainian News Agency earlier reported, in February, the High Anti-Corruption Court recovered the property of the Russian oligarch Oleg Deripaska in favor of the state.
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