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Lack of reaction to DTEK Energy default: Demonstration of state’s weakness

Author : Yuriy Butusov

Source : 112 Ukraine

The main event of the day, which is not inferior to coronavirus and the laws of the IMF package is the official default of DTEK Energy, the largest private coal and electricity producer
21:38, 31 March 2020

112 Agency

The default announcement by DTEK Energo, the largest private producer of electricity and coal in Ukraine owned by oligarch Rinat Akhmetov, is an indicator of the state’s weakness and helplessness.

The main event of the day, which is not inferior to coronavirus and the laws of the IMF package is the official default of DTEK Energy, the largest private coal and electricity producer. DTEK stopped two mines and an enrichment plant, and stated that it was stopping two mines, an enrichment plant and "suspends coupon payments on Eurobonds and interest on bank debt" from April 1!

If there was a stock market in Ukraine, now everything would fall in the country.

If law enforcement bodies, prosecutors and courts worked in Ukraine, then they would already be in the office of DTEK Energy and would ask questions. What is the default if in 2019 the company restructured its debts and received a net profit of 2.55 billion hryvnias (89 million USD)?

Related: Akhmetov's DTEK completed construction of wind farm in Zaporizhya region

If there were a president and prime minister in Ukraine, whom Rinat Akhmetov would have been at least a little afraid of and respected, he would never have defaulted and stopped the mines after buying a villa in France for $ 200 million and launching a news channel with investments in tens of millions of dollars.

But none of this will happen. Because oligarchs know better than anyone how weak and helpless the state is.

Akhmetov’s logic is understandable - he wants to reduce the cost of his debt and bring down prices. It’s easier to hide it under a coronavirus. Complete silence and lack of comment by the authorities. How shoud we understand this? Did the Prime Minister who previously worked at DTEK see anything unusual?

They are power, they have institutions, they determine the rules of the game for themselves. But Zelensky has just videos and requests to help buy ambulances. And the oligarchs will help with this - if only he would not interfere further.

Related: When robots get sick: Hackers spread coronavirus online

 



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