Dmitry Firtash
The Cabinet of Ministers of Ukraine has ordered the transfer of the Zaporizhzhia Titanium and Magnesium Plant (ZTMC), part of Dmytro Firtash's Group DF, to the management of the state-owned United Mining and Chemical Company. This is stated in Cabinet of Ministers Resolution No. 287-r of April 4, published on the government website on April 6.
The Cabinet of Ministers decided that, in accordance with the proposal of the State Property Fund of Ukraine and the Ministry of Economic Development and Trade, it was decided to transfer 51% of the authorized capital of Zaporizhzhia Titanium and Magnesium Plant LLC to the management of the United Mining and Chemical Company.
The Cabinet of Ministers' resolution also includes the following provisions: a state-owned enterprise does not have the right to delegate the execution of an agency to another party; an agency agreement is concluded for a term of up to three years; and the state-owned enterprise performs the functions of a representative under an agency agreement free of charge.
As a reminder, the Zaporizhzhia Titanium and Magnesium Plant is the only titanium sponge producer in Europe. In January 2012, the Cabinet of Ministers of Ukraine approved the privatization of 49% of ZTMC. The winner of the privatization tender was Tolexis Trading Ltd (Cyprus), the owner of two companies within Group DF, owned by businessman Dmitry Firtash.
The United Mining and Chemical Company (UMCC) was previously known as the Volnogorsk State Mining and Metallurgical Plant (Volnogorsk State Mining and Metallurgical Plant). Until September 2014, the assets of the Volnogorsk MMC and Irashny GOK were leased to Group DF entities. However, in August, the Cabinet of Ministers decided not to renew Firtash's companies' lease agreement for the Irshansky Mining and Metallurgical Plant and the Volnogorsk Mining and Metallurgical Plant, transferring them to the Ministry of Economic Development and Trade. The Cabinet of Ministers also ordered the enterprises to be assigned to UMCC.
Since August 12, 2014, Ruslan Zhurilo, a manager from the Dnipropetrovsk region, has headed the United Mining and Chemical Company (UMCC). Media outlets have linked Zhurilo to Igor Kolomoisky's Privat Group.
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