Ad Hoc Supervisory Panel of the Verkhovna Rada of Ukraine on Privatization
…held a working group sitting over the Zaporizhia Titanium & Magnesium Combine (ZTMC).
The panel met to check the progress over its resolution dated 09.02.2017 as to the administration of a state share in the ZTMC’s statutory fund based on the data delivered by the State Property Fund of Ukraine.
The relevant discussion was attended by representatives from the Specialized Anti-Corruption Prosecutor’s Office, the State Property Fund of Ukraine, and the Ministry of Economic Development and Trade of Ukraine.
The talks revealed that the State of Ukraine has virtually lost its grip over the 51% statutory fund share.
The panel appealed to the Prime Minister of Ukraine to urge the State Property Fund of Ukraine, as the core and pertinent body to possess and manage the 51% state share in the statutory fund, to immediately initiate convening an extraordinary general meeting of ZTMC’s sharers with the clearly defined date. In case of failure by the Combine to do so, the State Property Fund of Ukraine is to be entitled to undertake to that effect on its own with the following agenda:
- Dismissal of Karuk O.O., Head of ZTMC, Ltd., and appointment of a new head;
- Сancellation of the contract with Sivak V., Director of ZTMC, Ltd.;
- Appointment of a caretaker director of ZTMC, Ltd.
After the sharers’ meeting comes off, the State Property Fund of Ukraine is supposed to make the directorial vacancy announcement within twenty days according to the appropriate Cabinet’s resolution No.777 dated 03.09.2008.