11:50 14.01.2022

UDP developer regards seizure of Bilshovyk shares after winning privatization auction as pressure on business, investors

2 min read
UDP developer regards seizure of Bilshovyk shares after winning privatization auction as pressure on business, investors

The winner of the auction for the privatization of JSC First Kyiv Machine Building Plant (formerly Bilshovyk plant) in Kyiv assesses the seizure of shares at the request of the State Bureau of Investigation (SBI) as pressure on business and investors, since SBI representatives were members of the auction commission, which approved the starting price and privatization conditions of the object, UDP development company, managed by Andriy Ivanov's Q Partners, told the Interfax-Ukraine agency.

"We regard such actions of law enforcement agencies (the seizure of 100% of the plant shares at the request of the SBI) as pressure on business and investors. We intend to appeal the decision in court," UDP said.

As reported, the State Bureau of Investigation is conducting an investigation into the case of possible abuses by officials of the State Property Fund of Ukraine during the privatization of Bilshovyk.

On January 11, 2022, the investigating judge, at the request of the prosecution, seized 100% of the charter capital of First Kyiv Machine Building Plant in order to preserve the specified material evidence. The bureau notes that the illegal alienation of the plant from state property at a low cost caused economic damage to state interests.

"The examination found that the property valuation report used to determine the value of the plant's shares does not meet the requirements of the law. This could adversely affect the reliability of such an assessment," the SBI says.

According to Q Partners, there was no communication between the security authorities and UDP.

"We also do not have any information about outside experts referred to by the SBI and their conclusions about the value of the shares. Moreover, the SBI representatives were members of the auction commission for the privatization of Bilshovyk plant, which approved the starting price and privatization conditions. There were no objections from this body at the stage of agreeing on the price. That is, the SBI actually and, most importantly, legally approved the assessment, which now, in their opinion, has become too low and gives them reason to believe that a crime has been committed. According to this logic, it is the SBI that is an accomplice in this crime," the press service of Q Partners said.

The company stressed that they intend to appeal the decision to seize the shares in court, but the seizure of shares does not affect the development plans of the project.

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