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Ukraine's PJSC United Mining-Chemical chief arrested, charged with corruption

Ukraine's PJSC United Mining-Chemical chief arrested, charged with corruptionThe National Anti-corruption Bureau (NABU) has revealed a corrupt scheme at PJSC United Mining-Chemical Company (UMCC), which has reportedly caused over UAH 300 million in damage, and detained its acting chairman.

"NABU agents, acting under the procedural guidance of prosecutors of the Specialized Anti-Corruption Prosecutor's Office, have just detained the acting chairman of the UMCC board, who may be involved causing over UAH 300 million in the loss. Details [will be provided] later," NABU said in a statement on Wednesday.

As reported, state-run United Mining and Chemical Company, which was reorganised as PJSC UMCC on December 8, 2016, started work in August 2014, when the Ukrainian government decided that the property of Vilnohirsk mining and metallurgical plant and Irshansk mining and processing mill should be transferred to UMCC for management.

In August 2016, the Ukrainian government included UMCC in the list of companies subject to privatisation in 2017.

The state register lists Ruslan Zhurylo as acting head of UMCC.

In 2015, the company's net revenue was UAH 1.9 billion, pre-tax profit was UAH 773 million. It sold 163,000 tonnes of ilmenite, 49,000 tonnes of rutile, and 25,000 tonnes of zircon.

In January-September 2016, UMCC's net profit increased by 2.8 times compared to the same period in 2015, to UAH 665.9 million.

The company sells its products in more than 30 countries. Its key sales markets are the EU member states, China, Turkey, the United States, and African countries.
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