The High Anti-Corruption Court (HACC) on Monday partially satisfied a claim of the Ministry of Justice for the confiscation of Ukrainian assets of the main beneficiary and member of the board of directors of Russian PJSC VSMPO-Avisma Corporation, the world's largest titanium producer, Mikhail Shelkov, refusing, in particular, recover 100% of Demurinsky Mining and Processing Plant LLC and a number of other companies to state.

"We are preparing an appeal. But - how so????!!!!!!!!" Inna Bohatykh, head of the Sanctions Policy Department of the Ministry of Justice, commented on this court decision on Facebook.

She stressed that the Ministry of Justice is convinced that Russian billionaire Shelkov continues to exercise control over Demurinsky Mining.

According to her, the HACC does not consider sufficient evidence such as the sale of 75% of the corporate rights of the Cypriot company that owns the mine for EUR 3,750 a few days before the start of a full-scale war, in conditions when the seller and the Cypriot company have already been under sanctions.

In addition, as Bohatykh pointed out, part of the management that worked for Shelkov continued to work in the Cypriot company and Demurinsky Mining after the alleged "sale" of 75%. She added that the presence of Mining's debt through the Cypriot owner company to VSMPO-Avisma allows Shelkov, in case of non-repayment of this debt, to levy execution on the plant itself.

In turn, the HACC reported that, in particular, an apartment of 175.5 square meters and a parking space in Odesa; a warehouse of rolls of stainless steel tape with a total area of 2,411 square meters in Nikopol; a complex in Nikopol; a wheeled tractor; a Lexus car and four Mitsubishi Pajero Sport cars; cash on bank accounts and 100% of VSMPO Titan Ukraine were recovered to the state.

"The presiding judge in this case expressed a dissenting opinion, which can be found in the Unified State Register of Court Decisions No. 991/6606/22," the release says on the court's website.

The court clarified that an appeal can be filed with the HACC Appeal Chamber within five days from the date of the announcement of the decision.

Shelkov, ranked 59th in the Forbes rating of Russian oligarchs with a fortune of about $1.5 billion, was included in the Ukrainian sanctions list back in 2021, and in October last year, the sanctions were expanded to include Cypriot Limpieza Limited.

The Ministry of Justice also asked that Investagro, founded by Demurinsky Mining, and Tai-Minerals LLC, be recovered to state.