Kyiv, December 22, 2023.
The Asset Recovery and Management Agency (ARMA) has submitted a draft order to the Cabinet of Ministers of Ukraine a draft order for the transfer the Lviv Insulator Plant into the management of the state represented by the Ministry of Energy of Ukraine.
"The transfer of the plant into the management of the Ukrainian state is evidence that in times of war, ARMA is taking a statesman-like approach and defending the country's interests. The Ministry of Energy will be able to use this asset in the context of possible problems with energy supply expected at the end of this year and in 2024," said the Head of the National Agency Olena Duma.
The plant's activities are highly specific and extremely important, as the company is the only Ukrainian manufacturer of glass insulators used on power lines with a voltage in the range of 0.4-1150 kV. Additionally, the company exports its products to more than 30 countries (including neighboring countries, as well as Finland, Sweden, Norway, Spain, Portugal, Lebanon, Vietnam, Chile, and Colombia).
This property complex is being transferred by the Agency in accordance with Article 21-1, which stipulates that in exceptional cases, assets seized in criminal proceedings may be managed by transferring them to an enterprise, institution, organization belonging to the management of a ministry, other central executive body, or a business entity with 50 percent or more of its shares (stakes) in the authorized capital of business entities in which the state holds a 100 percent stake, based on a decision of the Cabinet of Ministers of Ukraine.
Cases of transfer of assets into management are considered exceptional if at least one of the following circumstances is present:
1) there is a risk of failure and/or interruption of the functioning of such assets, which may lead to emergencies or disruptions in heat, power, electricity, water supply or sewage or natural gas supply;
2) there is a risk of interruption of the operation of enterprises, institutions and organizations of the defense industry and/or the aircraft industry that own such assets.
We remind you that based on the decision of the Galytskyi District Court of Lviv dated August 26, 2022 in case No. 461/4238/22, the Agency received evidence in criminal proceedings No. 42022140000000199, namely corporate rights owned by GIG Holdings OU worth UAH 11,050,000. This constitutes 100% of the authorized capital of “Lviv Isolation Company” LLC.
