The Central Commercial Court of Appeals has returned the Zaporozhye Titanium and Magnesium Works to state ownership under a case to cancel an agreement between the works and a Dmitry Firtash company.
The company in question is Tolexis Trading Limited, registered in Cyprus. The creation of the joint venture allowed Firtash to get the works into his ownership.
The works concluded an agreement with the company in 2013 to attract investments. Thus the ZTMK LLC was created.
The company promised to invest $110 million, but the money was spent on other projects, or simply put, embezzled. (Ukrainian metal)
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