Arcelor Mittal Kryvy Rih to undergo regular inspection of SPFU

A regular inspection into the fulfillment of investment undertakings by Arcelor Mittal, the investor of Kryvorizhstal OJSC, will take place in September of the current year in line with schedule.

State Property Fund of Ukraine chief Valentyna Semeniuk claimed this to journalists today.

According to her, the Fund will involve several Ministries and departments in the inspection.

The SPFU head stressed that the Fund works within legal frames and informs both society and Arcelor Mittal Kryvy Rih on every its step.

At the same time, she noted that comments of the company leadership to mass media do not indicate their desire to establish a constructive dialog with SPFU.

As UNIAN reported earlier, on June 14, the State Property Fund of Ukraine sent a letter to the Cabinet of Ministers of Ukraine, informing it that Arcelor Mittal, which bought the Kryvorizhstal OJSC state-owned shareholding, failed to fulfill the purchase and sale agreement. The SPFU also informed the government about necessity to allocate around 72.7 mln hryvnias for legal proceedings on denunciating the agreement.

Prime Minister of Ukraine Yulia Tymoshenko called empty and provocative the SPFU statement about necessity to denunciate the agreement with Kryvorizhstal investor, Arcelor Mittal.

Arcelor Mittal purchased its Ukrainian assets, formerly known as Kryvorizhstal, in October 2005 by spending more than $4.8 billion for 93% stake. This was Ukraine`s first transparent privatization auction and generated more cash for the government than any other selloff over the past 10 years.