The Central Commercial Court of Appeal has returned the ownership of a titanium-magnesium plant to the state.
The court upheld the decision to return the Zaporizhzhya Titanium and Magnesium Plant (ZTMK) to state ownership, announced the State Property Fund. It is noted that before the court ruling, 49% of ZTMK LLC belonged to Tolexis Trading Limited (DF Group Dmytro Firtash). According to the investigation, the appointed management ZTMK LLC did not spend $110 mln raised to repay ZTMK’s previously incurred energy debts. The funds were later transferred to the accounts of offshore companies. Instead, only UAH 20 mln ($2 mln) was allocated for the modernization of the enterprise.