Ukrnafta does not have enough funds to pay debts

Ukrnafta does not have enough funds to pay debtsUkraine's higher administrative court in February and early March confirmed Ukrnafta's property used tax collateral to secure debt exceeding UAH 10 billion, Head of Ukraine's State Fiscal Service Roman Nasirov said.

"Each day we send the payment collection documents. We have written off only UAH 5 million," he said at a cabinet meeting last week.

He said that the company does not have enough funds to pay debts.

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Nasirov said that the fiscal agency will continue sending payment collection documents, but if the situation does not change, the company's property will be put up for sale or the company will undergo bankruptcy or financial readjustment procedures.

"We're waiting for resolute decisions and actions from Ukrnafta's top managers," Nasirov said.
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