10:23 03.03.2014

Businessman Taruta replaces Donetsk Regional Administration head Shyshatsky

1 min read

Acting President Oleksandr Turchynov has dismissed Andriy Shyshatsky from the post of Donetsk Regional Administration's head and appointed Ukrainian businessman Serhiy Taruta, who is chairman of the board of directors at ISD, to the office.

Corresponding presidential decrees were posted on the president's official Web site on Sunday.

The ISD, founded in 1995, is an integrated holding company that owns or manages stakes in mining and metals enterprises. The group's core assets are the Alchevsk Iron & Steel Works (AMK), Dniprovsky Dzerzhynsky Iron & Steel Works (DMK) in Ukraine, as well as Dunaferr in Hungary, and ISD-Huta Czestochowa in Poland.

A group of investors led by Alexander Katunin, the owner of Swiss trader Carbofer and the former co-owner of Evraz Group, bought a 50% plus two-share stake in ISD at the beginning of 2010 with VEB's financial support.

Incumbent shareholders Serhiy Taruta and Oleh Mkrtchan remained the holders of a 49.99% stake.

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