Kyiv, December 7, 2023
The Asset Recovery and Management Agency (ARMA) is taking measures to preserve the investment attractiveness of the seized assets of the Ovruch crushed stone plant of the Gomel City Road Construction and Repair Trust.
Due to the seizure, the company is not conducting business and does not pay electricity bills (about UAH 280,000 per month). As a result, the electricity supplier, the State Enterprise for Foreign Economic Activity “Ukrinterenergo”, informed the plant’s management on November 28, that it would unilaterally terminate the provision of services.
As disconnection of electricity will lead to flooding of the quarry and the impossibility of resuming its operation, destruction of valuable equipment and loss of business interest in managing this facility, ARMA asked “Ukrinterenergo” not to stop supplying electricity to the industrial enterprise for the period of competitive selection of the plant`s manager and establishment of its processes. The Agency expects that the future manager of the seized assets will pay off the electricity debts, resume the operation of the enterprise and thus preserve its economic value.
“ARMA calls on “Ukrinterenergo” to demonstrate a strong statesman-like approach, which in the case of Ovruch crushed stone plant will be to supply electricity to the enterprise and thus keep it in an operational and working condition. Our common goal is to engage a professional manager who will not only restore the plant’s operations and create jobs, but also ensure constant revenues to the state budget,” commented the Head of ARMA, Olena Duma.
It should be added that the disconnection of electricity will increase social tension in Bondari village, Korosten district, where the company’s assets are located. The company owns 8 apartment buildings with more than 130 families. The plant also supplies water for the needs of the Bondari outpatient clinic, which serves more than 3,000 residents, the Emergency Medical Centre and the Bondari Lyceum (140 children study there).
We would like to remind that the ultimate beneficiary of the company is the Gomel City Council (Belarus).
By the decision of the investigating judge of the Korolevsky District Court of the city of Zhytomyr as of June 20, 2022 in case No. 296/3270/22, the plant’s fixed assets in the amount of 355 items were seized by way of alienation, disposal and use. By the decision of the investigating judge as of September 2, 2022 in case No. 296/5438/22, the corporate rights and property of the enterprise were transferred to the ARMA.
ARMA announced a competitive selection of a manager for the Ovruch crushed stone plant on November 30, this year.
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