KYIV. Nov 12 (Interfax-Ukraine) – Dutch Ozone Investment LLC (the Netherlands) and Karl Group (Germany) plan to invest up to $10 million in the projects of state-run joint-stock company Ukrainian Polymetals on producing amber and land reclamation within the next five years.
Ozone Investment CEO Thomas Bretschneider and Director General of Ukrainian Polymetals Kostiantyn Lisnychy signed a memorandum of cooperation on Wednesday.
“Amber is a high-margin business, and we don’t have problems with the attraction of investors,” Lisnychy said.
He also said that there are plans to fully legalize amber production, as today over 95% of amber is not taxed. According to the assessments of experts, the launch of state enterprise Ukrburshtyn, which is under the control of Ukrainian Polymetals, to its full capacity will give the state budget an extra UAH 30 million per year.
According to the Ukrburshtyn development plan, in the coming three to six months the enterprise plans to obtain a permit for industrial production of amber for 20 years. In addition, it plans to hire 500-1,000 people and receive a total income of $25.871 million in 2016-2018.
Lisnychy also said that Ukrainian Polymetals managed by the Economic Development and Trade Ministry of Ukraine has resumed its 100% control over Ukrburshtyn and appointed Oleh Schekin as its managing director on October 10.
“We paid UAH 4.3 million to tender creditors of Ukrburshtyn. This makes it impossible to return to the bankruptcy procedure,” he said.
A representative of the two companies-creditors – director of Green Service LLC investment company – said at the press conference that the funds have not arrived in the account of his company and the accounts of other creditors.
Managing partner of Ario Capital Group Yulian Khorunzhy said that the companies-creditors continue to resist the return of the company to the state control, including by submitting fabricated documents to the court.
