The Supreme Court upheld the decision to return the Zaporizhia Titanium and Magnesium Plant to state ownership.
This decision was made on April 23 by the Commercial Court of Cassation, according to the Specialized Anti-Corruption Prosecutor’s Office.
“On May 23, the Commercial Court of Cassation upheld the decision of the Commercial Court of Zaporizhia region dated 04.08.2021 and the decision of the Central Commercial Court of Appeal dated 30.11.2021, according to which the entire property complex of Zaporizhia Titanium and Magnesium Plant was returned to state ownership.”– inform in SAP.
According to the prosecutor’s office, the court agreed with the arguments of the prosecutor and a representative of the State Property Fund of Ukraine and therefore refused to satisfy the cassation appeal of Tolexis Trading Limited (Cyprus). Today, the decision of the Civil Court of Cassation is final – the property complex has been returned to state ownership.
We will remind, on August 4, 2021 the Commercial court satisfied the claim on return of ZTMK in the property to the state. On November 30, the court upheld the decision. At the same time, the Appeals Chamber of the Supreme Anti-Corruption Court is prosecuting the ex-director of ZTMK for abuse at the enterprise.
According to the indictment, during 2014-2015, the co-owner of Tolexis Trading Limited allocated UAH 880 million for the modernization of the production of ZTMK LLC in accordance with the founding agreement. However, Sivak, abusing his official position and colluding with a group of people, wasted UAH 492 million, transferring them to third parties. In particular, instead of financing the costs of modernization, the funds were directed to the accounts of ZTMK in order to repay the latter’s debt to OJSC Zaporizhzhyaoblenergo, PJSC Holding Company Energomerezha and LLC Synthesis Resource.
In addition, ZTMK LLC repaid the debt of ZTMK under the loan agreement to Nadra Bank and the overdue debt of ZTMK for the used electricity from OJSC Zaporizhzhyaoblenergo. Whereas the last payment was to be made by Tolexis Trading Limited under the terms of the agreement establishing ZTMK LLC.