09:43 14.01.2021

Group DF does not comment on info on assets pledged by Russian Industrial Assets Fund

2 min read

Group DF, which consolidates assets of Ukrainian businessman Dmytro Firtash, refused to comment on the information that the Russian non-profit organization Industrial Assets Fund at the end of 2019 pledged Firtash's assets, including shares of companies under his control and natural gas, with an estimated value over RUB 97.9 billion (about UAH 35 billion or $1.3 billion).

"The Group does not comment on the commercial terms of lending to our businesses," the Group DF press service said in response to Interfax-Ukraine request regarding the commentary on the Fund's audit report for 2019, made by the Interexpertiza audit and consulting group and available to Interfax-Ukraine.

According to it, the Industrial Assets Fund received natural gas with an estimated value of RUB 97.9 billion as collateral for loan and interest obligations from Ostchem Holding Limited, a member of Group DF, as well as shares and stakes in a number of companies which value is not indicated.

Among them are the main Ukrainian production assets of Ostchem: Severodonetsk Azot Association, PJSC Azot Cherkasy, PJSC Rivneazot and the supplier of fertilizers UkrAgro NPK, which owns 31 warehouses, as well as Stirol, located in an uncontrolled territory in Donbas and idle since 2014. In addition, this list includes Cypriot Alandero Investments (it owns 100% of the Sea Specialized Port Nika-Tera), Ostchem Distribution, Ostchem Enterprises, Ostchem Holding Limited, Ostchem International, Ostchem Investments, Ostchem Resources, Ostchem Ventures, PLG UA Limited , Spodola Ventures, Stirol, Swiss NF Trading AG, and Estonian Nitrofert AS.

The Industrial Assets Fund was established by the VEB (Vnesheconombank) state corporation in 2016 for the restructuring of non-performing assets, and has now been removed from the VEB Group.

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