The HACCU forfeited part of the assets of russian billionaire Mikhail Shelkov to the state

On September 30, 2024, the High Anti-Corruption Court partially satisfied the claim of the Ministry of Justice of Ukraine against M.E. Shelkov, PJSC VSMPO-AVISMA Corporation for the application of a sanction in the form of asset forfeiture to the state.

The High Anti-Corruption Court imposed a sanction of asset forfeiture to the state against M.E. Shelkov, PJSC VSMPO-AVISMA Corporation and recovered for the state the rights of non-resident companies controlled by M.E. Shelkov to LLC Demurinsky Mining and Processing Plant under loan agreements, credit agreements and product supply contracts totaling about USD 29 million. USD and almost UAH 7 million. At the same time, the court refused to recover the blocked funds of PJSC VSMPO-AVISMA Corporation on bank accounts for the state's revenue.

M.E. Shelkov is a russian billionaire, former head of the investment division of the state-owned company Rostec, and the owner of a controlling stake in VSMPO-AVISMA, the world's largest producer of titanium for the aerospace industry.

On January 23, 2023, the HACCU Decision in case No. 991/6606/22 imposed a sanction on Shelkov in the form of asset forfeiture to the state and recovered 100% of the share in the authorized capital of VSMPO Titan Ukraine LLC, movable and immovable property of the Company, as well as funds in the bank accounts of VSMPO Titan Ukraine LLC. 

By the decision of the HACCU Appellate Chamber dated February 03, 2023, in the said case, 100% of the shares in the authorized capital of the Ukrainian companies Tai-Minerals LLC, Investagro LLC, Demurinsky Mining and Processing Plant LLC, movable and immovable property, as well as funds in the bank accounts of Demurinsky Mining and Processing Plant LLC were also recovered for the benefit of the state.

Source: Ministry of Justice of Ukraine