UMCC’s employees will receive their salaries within several days

In connection with the more than UAH 1 billion debts of counterparty companies to UMCC, including the outstanding receivables of about UAH 366 million, it has became necessary to postpone employees’ salary payments. The enterprise’s trade union was informed in advance on salary delay. Full salary payments will be made within several days.

The reason for the salary delay was non-compliance with obligations by counterparty companies to UMCC. The counterparty companies stated that they refused to pay for the previously obtained production, which delivery was carried out under the contracts, concluded by the company’s former management. The enterprise’s legal department launched claims work with the debtor companies.

The UMCC’s management understands that professional labor collective is the company’s most valuable asset, therefore the leadership makes everything possible to settle outstanding payments to the employees within several days. The Chairman of the trade union committee of Vilnohirsk Mining and Metallurgical Plant Fedir Klymenko was informed in advance on the company’s shortage of funds and terms of salary payments.

"The enterprise’s financial situation is really difficult and I see that the new UMCC’s leadership makes every effort to stabilize it. On behalf of the labor collective I can state that we are grateful for the management’s openness and ready to continue our uninterrupted work until salary payments are settled”, Chairman of the trade union committee of Vilnohirsk Mining and Metallurgical Plant Fedir Klymenko highlighted.

Currently the UMCC’s new management works closely on elimination of the enterprise’s cash gap that appeared because of the company ex-leadership’s financial fraud. New counterparty companies are being thoroughly checked and contracts with them are being concluded on conditions of full or partial pre-payment at market price.

“That is a bad situation but it is under control and is being resolved. Within several days we will provide funding to pay the full salary and will make every effort to prevent the similar delays. As early as middle of July, UMCC will provide the new operating mode that will guarantee stable revenue from company’s products. I’m very grateful to our employees for understanding the situation. Only conscientious working together to the State and UMCC’s benefit will allow avoiding such a crisis the enterprise now comes out of”, Deputy Chairman of the UMCC’s Board Arthur Somov informed.

*All information concerning the activities of JSC “UMCC” temporarily will be published on the State Property Fund of Ukraine’s official website since access to the company’s website and its official Facebook page is blocked by former management.