Ukraine: Govt. confiscates titanium assets of Russian billionaire accused of smuggling titanium-containing raw materials
Summary
Date Reported: 8 Feb 2023
Location: Ukraine
Companies
Industrial Investments LLC - Parent Company , VSMPO-Avisma Corporation PJSC - SubsidiaryProjects
Demurinsky mining and processing plant - OperationAffected
Total individuals affected: Number unknown
Public: ( Number unknown - Ukraine , Mining , Gender not reported )Issues
Corruption , Lawsuits & regulatory actionResponse
Response sought: No
Source type: News outlet
[Summary translation prepared by Business & Human Rights Resource Centre]
"Titanic efforts": How the most valuable titanium assets were confiscated from Russian billionaire Shelkov, 08 February 2023
In late January, the Appeals Chamber of the High Anti-Corruption Court satisfied a complaint of the Ministry of Justice and confiscated Ukrainian assets from Russian billionaire Mikhail Shelkov. He was deprived of movable and immovable property, money in bank accounts and corporate rights to several companies, the main one being Demurinsky mining and processing plant.
One of the world's largest titanium exporters is the Russian company VSMPO-Avisma, co-owned by Russian billionaire Mikhail Shelkov. And somehow, he still controled Demurinsky mining and processing plant, which even in 2020-2021 exported titanium-containing raw materials to Russia and Belarus. Russia needed such products, because they are used in the production of helicopters, combat aircraft, tanks, cruise missiles and anti-aircraft missile systems.