Zaporizhzhya aluminum plant to sue the Russian oligarch

Kiev Economic Court of Appeal upheld the claim Prosecutor General of Ukraine to return to the state a controlling stake of Zaporozhye Aluminium Combine (ZALK). This was reported in the official press release from the prosecutor's office on May 18, Interfax-Ukraine. Now control ZALK owned aluminum holding Rusal Russian oligarch Oleg Deripaska. In the message prosecutors said that "broken contracts for the sale of shares in OAO 'ZALK' in the amount of 423514923 ordinary shares with a nominal value of 0.25 hryvnia each, representing 68.01 percent of the authorized capital of society." The specified package, as noted in the department, returned to the property the State Property Fund of Ukraine. Prosecutor General's office last fall filed a lawsuit in the Commercial Court of Kiev, demanding to invalidate contracts on the sale of shares ZALK 68 percent of companies controlled by Russian businessmen, headed by Deripaska. In Office, noted that buyers are not in compliance with the terms of contracts, under which pledged to refinance debt ZALK at 75.5 million dollars. However, the new owners have refused to repay the debt combine. ZALK is the only aluminum producer in Ukraine, but because of unfavorable tariff issue unprofitable aluminum plant. During the period from 2008 to 2010 the company made losses of $ 140 million. At the same time on ZALK tried since 2006 to achieve the tariff revision, but to no avail. In April 2011, Rusal has closed electrolysis aluminum production in Ukraine, because ZALK could not get discounts on electricity. Costs by greater than 45 percent of the cost of the finished product. In early May, Deripaska's holding company offered workers ZALK move to Siberia and other regions of Russia where the company Rusal. Rusal is the world's leading manufacturers of aluminum. In Ukraine, in addition to holding ZALK belongs Nikolayev Alumina Plant.