DCH Group of Kharkiv businessman Oleksandr Yaroslavsky would not take part in a tender to sell a state-owned stake in public joint-stock company Odesa Port-Side Plant scheduled for December 14, 2016 due to the fact that the financial state of the enterprise is worse than it was announced earlier.

"DCH Group has to refuse to take part in the tender to sell the stake in the enterprise on the conditions proposed by the State Property Fund. DCH announces that the company is interested in buying Odesa Port-Side Plant in the future and it is ready to cooperate in the issue," DCH said in a statement on Tuesday.

The group said that after signing the confidentiality contract with the State Property Fund and Odesa Port-Side Plant DCH received access to information about the operation of the plant and jointly with auditors from PwC conducted the legal and financial audit of the plant.

"In particular, it was established that the real sum of the company’s debt is at least $85 million, and under the most pessimistic scenario it could exceed $350 million. This increases the purchase price for potential buyers by $550 million and more compared to the price set for the shares put up for sale," the group said.