Traces of Russians, Kolomoisky, and Medvedchuk: Ukraine may shut down a unique plant

The agenda includes a proposal to withhold dividend payments, make no contributions to the reserve fund, and cover losses with future profits due to the company’s lack of net income.

The meeting will also consider a proposal to “approve a decision on the liquidation of the company, in accordance with and in fulfillment of Part 2, Article 16 of the Law on Joint Stock Companies,” as well as confirm several transactions.

Dniprospezstal stated that the company is required to include both financial improvement measures and liquidation on the meeting’s agenda simultaneously, as required by Article 16 of the law. However, the company’s management and shareholders do not intend to approve liquidation; instead, they aim to approve measures to improve the company’s financial situation.

“It should be noted that if the general meeting approves the proposed financial improvement measures, this will automatically exclude a vote on the liquidation of the company (this interconnection was specified in the Supervisory Board’s decision regarding the general shareholders’ meeting),” the statement said.

According to the National Depository of Ukraine’s data from the third quarter of 2024, Dniprospezstal’s shares are held by several Cyprus-based companies: Wenox Holdings Ltd. (47.1128%), Boundryco Ltd. (11.0131%), Gazaro Ltd. (16.5197%), Crascoda Holdings (6.6826%), and Middleprime Limited (9.7901%).

Previously, the international investment and consulting group EastOne, created by businessman Viktor Pinchuk, sold its roughly 30% stake in Dniprospezstal in May 2008. The new owners have been linked to VS Energy International, whose beneficiaries include Russian oligarchs Alexander Babakov, Mikhail Voeyevodin, and Yevgeny Giner.

An investigation by Skhemy: Corruption in Detail revealed that Dniprospezstal’s beneficiaries have included Viktor Medvedchuk, a former MP and convicted traitor, as well as Ihor Kolomoisky, an oligarch and media mogul.