Supreme Court cancels decision to return Zaporizhia titanium-magnesium plant to state – Group DF
The Supreme Court of Ukraine has overturned the decision of the Economic Court of Zaporizhia region on the claim of the Specialized Anti-Corruption Prosecutor's Office (SAPO) in the interests of the state against the offshore company Tolexis Trading Limited (Cyprus), part of Group DF, on the termination of the agreement with the State Property Fund of Ukraine (SPF) on the establishment of Zaporizhia Titanium and Magnesium Combine on the basis of the eponymous state-owned enterprise.
Group DF said Tolexis Trading Limited had contested in the Supreme Court the decisions of the courts of first and appeals instances on returning the plant to state ownership.
"The panel of judges of the Supreme Court of Ukraine decided to annul the decisions of the first and appellate instance courts as those that do not meet the norms of Ukrainian legislation. The case was sent to the Economic Court of Zaporizhia region for another consideration," the press release said.
It is noted that Tolexis Trading Limited invested $110 million in the development of Zaporizhia Titanium and Magnesium Combine. Thanks to the investments of Tolexis Trading Limited, the plant from a loss-making state enterprise with multi-million debts to suppliers and employees began to work with profit and for the first time in the history of the plant to pay dividends to the state.