Metinvest loses control over all assets in occupied territories of Donbas

Source : 112 Ukraine

Metinvest corporation reported that unknown people came to their enterprises in uncontrolled territories and demanded to re-register entities in jurisdiction of unrecognized republics
20:33, 15 March 2017

Open source

Metinvest Group of steel and mining companies announces loss of control over all enterprises in temporarily occupied Ukrainian territories in Donetsk and Luhansk regions. This was reported by the press service of the company.

"Following a request by the non-recognised republics to re-register legal entities in the so-called “DNR” and “LNR”, Metinvest declares a complete loss of control over the operations of all assets in the temporarily non-controlled territory (NCT)," the message reads.

The press service also informed that unidentified people arrived at the Group’s enterprises and demanded that the assets be re-registered under the jurisdiction of the non-recognized republics and started an inventory process.

"Employees were physically threatened in case of defiance. As Metinvest cannot place its employees at risk, and violate the laws of Ukraine, the Group considers it impossible to continue any economic operations at these enterprises."

Employees affected will be offered positions at Metinvest’s enterprises in the territory controlled by Ukraine – Zaporizhya, Kryvyi Rih and Mariupol – and labour relations will be settled in accordance with Ukrainian legislation throughout.

Later it was reported that System Capital Management (SCM), major Ukrainian financial and industrial holding company with headquarters based in Donetsk in the east of the country, owned by Ukrainian businessman Rinat Akhmetov, lost control over all companies of the holding, located in temporarily occupied areas of Donetsk and Luhansk regions.

Related: Estimated losses of Metinvest due to blockade changed downwards from 30 to 10 million dollars

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