16:25 12.08.2019

SPF head insists on reshuffling Odesa Port-Side Plant's leadership as conditions for further operation of enterprise

2 min read
SPF head insists on reshuffling Odesa Port-Side Plant's leadership as conditions for further operation of enterprise

Acting Head of the State Property Fund of Ukraine (SPF) Vitaliy Trubarov insists on reshuffling the leadership of Odesa Port-Side Plant, considering it the condition for continuation of operation of the enterprise.

"The Odesa plant is the flagship of the chemical industry. More correctly, it was the flagship until it was driven into billions of dollars in debt owed to [businessman Dmytro] Firtash and stopped, and it is impossible to do this without the help of management. However, apart from debt, the issue of the plant's functioning and production, what the current board of the plant cannot handle, is very important," Trubarov wrote on his Facebook page on Monday.

"Therefore, it is normal practice when the state strengthens its influence on enterprises subordinate to it, including through a change of leadership if it does not cope with the responsibilities assigned to it," he said.

According to Trubarov, the management of the plant "took advantage of the imperfection of corporate governance procedures" and did not inform the Fund as the governing body about the tender to select a contractor, the proposals of the participants and its results.

"The fact that the Odesa Port-Side Plant was launched is positive, but the way the management held a tender to select the contractor raises many questions not only at the State Property Fund as a governing body, but also with law enforcement officers," he added.

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