The Higher Commercial Court has returned the Zaporozhye Aluminum Works to the state property.
In February 2011 the State Property Fund of Ukraine concluded a purchasing agreement of ZALK shares with AvtoVAZ-Invest, according to which the buyer had to pay the share price and clear all debts to the State Export-Import Bank of Ukraine valued at over $75 million.
But AvtoVAZ-Invest (Russia) and Velbay Holdings Limited (Cyprus) tried to avoid fulfilling these obligations. And this was the reason for the General Prosecutor’s Office of Ukraine to file a case against them.
After the decree of the court, the agreement on the purchase of 68.01% shares of ZALK was cancelled and shares returned to the state ownership. (Ukrainian metal)