ZALK was confiscated by a court decision from the holding company of Russian oligarch Deripaska.

by creator • 12.11.2014 • 0 Comments

Oleg Deripaska

On October 29, the Supreme Economic Court ruled to return 68% of the Zaporizhzhia Aluminum Plant (ZALK) to state ownership.

As stated in the decision of the Supreme Commercial Court of Ukraine, the court found no legal basis for upholding the cassation appeals of Velbay Holdings Limited and ZalK OJSC. Therefore, it decided to uphold the decision of the Kyiv Commercial Court of Appeals. This decision was made due to the failure of the company's current owners to fulfill their investment obligations.
According to the ruling of the Supreme Commercial Court of Ukraine, the State Property Fund must translate this ruling into English by October 31 and provide certified copies to Velbay Holdings Limited.
Previously, the Kyiv Commercial Court re-examined the case brought by the Prosecutor General's Office and also issued a ruling to return 68,01% of ZALK shares to state ownership.
It should be noted that the Zaporizhzhia Aluminum Plant is the only producer of sheet and primary aluminum in Ukraine. In July 2014, the plant ceased production of aluminum rod due to a lack of demand in the domestic market. The plant is part of RusAl and is owned by Russian oligarch Oleg Deripaska.
Court proceedings on this case have been ongoing since December 2010. However, as reported by the press service of the Zaporizhzhia Aluminum Plant, the Russian company RusAl has already appealed the ruling of the Supreme Commercial Court to the Supreme Court of Ukraine.
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