The business court in Sumy region has suspended powers of manager of the readjustment procedure for public joint-stock company Sumykhimprom Ihor Lazakovych.

The company has reported in the information disclosure system of the National Commission for Securities and the Stock Market, the decision was made on October 5, 2017 under a petition of Industrial Investments asset management company LLC dated July 25, 2017.

Dmytro Nikitin appointed new readjustment manager. Until recently he worked on the post of director for economy and finances at the enterprise.

The business court extended the readjustment procedure until April 4, 2017.

Sumykhimprom also reported that Lazakovych approved the signing of an addendum to the contract on production of finished goods on a tolling basis with Titan Ukrainy LLC (the cost of the contract is UAH 869.28 million, VAT included) and an addendum to the contract with Titan Ukrainy on supply of second class quick lime (the cost of the contract is UAH 152.4 million, VAT included).

As reported, before being put in charge of Sumykhimprom in August 2010 Lazakovych was top manager at OstChem Group of Dmytro Firtash.

The business court of Sumy region late January 2012 launched a bankruptcy case of Sumykhimprom. In Novembre 2012, the court scheduled the readjustment procedure at the enterprise and appointed Lazakovych readjustment manager.

In December 2016, the Investigation Department of the Prosecutor's Office of Sumy region notified Lazakovich that he is suspected of embezzlement of the company's property through the acquisition of raw materials at inflated prices and the unreasonable expenditure of funds to pay for legal services.