Akhmetov acknowledged the loss of control over his enterprises in separatist-controlled territories of Ukraine Thursday, March 16, 2017 1:30:00 PM

Rinat Akhmetov's energy holding, DTEK, reported the loss of control over all of its enterprises in the separatist controlled part of the Donbas.

"As of March 15, 2017, the assets of the DTEK Energy Group, namely, DTEK Mine Komsomolets Donbassa PrJSC, Mospino CPE LLC, DTEK Energougol Ene PJSC, DTEK ZUYIVS'KA TPP (one of the three power stations of DTEK Skhidenergo LLC), DTEK DONETSKOBLENERGO PJSC, ELEKTRONALADKA LLC, DTEK Service LLC, DTEK POWER GRID LLC, TEHREMPOSTAVKA LLC, DTEK SVERDLOVANTHRACITE LLC, and DTEK ROVENKYANTHRACITE LLC, all of which are located in the territory not controlled by the Ukrainian government were seized by the so-called Donetsk People's Republic and Luhansk People's Republic," the DTEK stock exchange message says.

According to the press service of the holding, the directors of these enterprises received a notice indicating the requirement to re-register the businesses in the so-called DPR and LPR and to start inventory procedures for the property.

"As of this time, DTEK does not control the operation of these enterprises. The company considers it unacceptable to require the re-registration of our enterprises, no form of pressure will force DTEK to change the jurisdiction of its assets," the press service said.

The energy holding emphasizes the impossibility for these enterprises to work separately from the Ukrainian economy. "The enterprises operating in the uncontrolled territory are a part of the unified Ukrainian economic infrastructure. The disruption of this production chain will make their operation impossible. Mines in the Donbas have no other markets for coal and work outside the law of Ukraine entails serious legal consequences for all buyers of the products as well as the suppliers of the equipment and materials for these enterprises. This actually means halting the operation of the enterprises," the press service quoted the Director General of DTEK, Maksym Tymchenko, as saying.

DTEK intends to use all available mechanisms to help employees who lost their jobs and restore its control over the enterprises in the uncontrolled territories.

"DTEK will try to do its utmost not to leave our employees in trouble, offering the option to transfer and be employed at other enterprises of the company." I hope that the international judicial system and the rule of law will allow DTEK to regain control over operations. Then we will be able to return to full operation," Timchenko summed up.

Regarding the loss of control over the enterprises, the company appealed to law enforcement agencies of Ukraine, the State Fiscal Service, tax authorities, and state funds. According to their press service, DTEK also retained legal companies to protect its interests in the framework of Ukrainian and international law.

Later, the metallurgical holding of Akhmetov Metinvest reported the loss of control over assets as a result of their seizure, including Yenakiieve Iron and Steel Works, Metalen LLC, Khartsyzsk Pipe Plant, Krasnodonugol, Komsomolskoye Rudoupravlenie, Donetsk Coke and Chemicals Plant, and Yenakiieve Coke and Chemicals Plant.

On March 1st, the DPR and LPR announced the beginning of the nationalization process of Ukrainian enterprises that are located in the territory controlled by the separatists. This was the result of the blockade of railway transportation with the separatist-held territory.

Share

Comments

Please enable JavaScript to view the comments powered by Disqus.