The conflict between Ukraine and Tatneft for Ukrtatnafta may involve its chairman Sergey Glushko (in the photo) in a criminal case.
Photo: Alexander Techinsky
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Prosecutor Joins in Battle for Ukrtatnafta
The Ukrainian cabinet of ministers has asked the country's prosecutor general's office to become involved in the battle between Naftogaza Ukrainy and Tatneft for control over ZAO Ukrtatnafta, whose chairman, Sergey Glushko, may figure in a criminal case. Independent experts see the prosecutor's actions as an attempt to remove Glushko, who is loyal to Tatneft, from his post. Ukrainian Prime Minister Viktor Yanukovich stated at the beginning of the month that Ukraine intends to regain control over Ukrtatnafta.
The Ukrainian Prosecutor General's Office has been asked to examine the legality of oil supplies to a number of refineries, including the Kremenchug Refinery, which is part of Ukrtatnafta. A source in the office of Ukrainian Deputy Prime Minster Andrey Klyuev told Kommersant that the Avto company had been supplying the Kremenchug plant with raw materials since April. Avto enjoys VAT payment benefits, the legality of the application of which will be examined.
Glushko told Kommersant that he knew nothing about Avto, but had already been called in to the tax police in connection with a criminal case involving Gaztreid, which supplied natural gas to the Kremenchug refinery in 2005 and 2006. He was uncertain whether he was a witness, suspect or defendant in that case. The prosecutor's office stated that the case involving Gazteid is also centered around VAT payments.
Ukrtatnafta accounts for about 35 percent of the market for petroleum products in Ukraine. The company's turnover in 2006 amounted to $700 million, with $5 million in net profit. Ukraine owns 43 percent of its stock, which is managed by Naftogaz Ukrainy; OAO Tatneft owns 8.6 percent; the government of Tatarstan owns 28.8 percent; AmRuz and Sea Group, which are affiliated with the management of Tatneft, own 18.3 percent.
A Ukrtatnafta shareholders meeting has been scheduled for June 30 at the behest of Naftogaz Ukrainy. The main item on the agenda of that meeting will be the removal of Glushko as head of Ukrtatnafta. Naftogaz Ukrainy stands a chance of removing Glushko now because the registrar of the company, Ukrneftegaz, transferred 18.3 percent of the company's stock from the Tatar shareholder's nominal holder, AB ING Bank of Ukraine, to Naftogaz, bringing its share in the company to 62.3 percent. Tatneft is disputing that action in the Poltava Region economic court.
www.kommersant.com
All the Article in Russian as of June 28, 2007
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