The State Property Fund of Ukraine (SPFU) will put the sanctioned company "Tay-Minerals" up for privatization

The State Property Fund of Ukraine is preparing to privatize the company "Tay-Minerals," which was previously owned by russian billionaire and shareholder of the titanium corporation VSMPO-Avisma, Mikhail Shelkov. The starting price is approximately 5 million UAH. The fund will soon announce the date of an online auction on the state Prozorro.Sales system.

"SPFU continues to actively prepare for the privatization of sanctioned assets that previously belonged to russian oligarchs. With new private owners, these enterprises are expected to work in Ukraine. We are doing everything possible to ensure a transparent and honest privatization process," emphasized Deputy Chairman of SPFU, Sergey Simonov.

The main activities of "Tay-Minerals" include leasing passenger and commercial vehicles, agricultural and construction machinery, and equipment, among others.

It should be noted that on February 24, 2023, the Cabinet of Ministers transferred the assets of the russian billionaire and shareholder of the titanium corporation VSMPO-Avisma, Mikhail Shelkov, to the management of the State Property Fund. These assets had previously been confiscated as state revenue. They included companies such as "VSMPO Titanium Ukraine," "Investagro," and Demurinsky Mining and Enrichment Plant, among others.

The government issued this directive based on the decision of the High Anti-Corruption Court dated January 23, 2023, and the ruling of the Appellate Chamber of the same court dated February 3, 2023.

The court imposed sanctions on Mikhail Shelkov because he had facilitated russia's armed aggression against Ukraine. His corporation, VSMPO-Avisma, supplied titanium products to russian military-industrial enterprises as part of contracts for fulfilling the state defense order.