18:17 08.10.2015

Court ceases bankruptcy of Ukrburshtyn

1 min read
Court ceases bankruptcy of Ukrburshtyn

The Economic Court of Rivne region on October 7 stopped the bankruptcy procedure of state enterprise Ukrburshtyn under the suit of state joint-stock company Ukrainian Polymetals, the Ministry of Economic Development and Trade reported on its official website.

"From now a 12-year case on the bankruptcy of Ukrburshtyn will come to an end, the company will return to the 100% control of state-owned company Ukrainian Polymetals managed by the Ministry of Economic Development and Trade. The first step towards the legalization of the amber industry as a whole has taken," the ministry said in a statement.

According to a ministry source, the representatives of parent company Ukrainian Polymetals had no control over state enterprise Ukrburshtyn during the bankruptcy procedure as the company was controlled by the manager for reorganization. The source also pointed out that at the court hearing, the leadership of Ukrburshtyn opposed terminating the bankruptcy procedure, believing that this could worsen the situation at the state-owned enterprise.

As reported, the Ministry of Economic Development and Trade and the new leadership of Ukrainian Polymetals suspected the company was deliberately made bankrupt to withdraw its assets.

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