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SPF may allow suspension of investment commitments to privatized companies, but will sue them for layoffs

21 November 2008, 10:58 | Ukrainian News
SPF may allow suspension of investment commitments to privatized companies, but will sue them for layoffs
Valentyna Semeniuk-Samsonenko
State Property Fund Chairwoman Valentyna Semeniuk-Samsonenko has said the fund may agree with suspension of investment commitments on construction of additional facilities at privatized companies, but it is likely to sue owners of privatized companies for layoffs.

She gave her position in an interview with the Kommentari magazine.

"Taking into consideration the 'anti-crisis law,' we can consider an opportunity of suspension of the term or changes in the value of investment in construction of additional facilities," Semeniuk-Samsonenko said.

Semeniuk-Samsonenko said the State Property Fund will not tolerate failures with observation of provisions of agreements concerning social packages.

She said the State Property Fund is determined to sue companies if they start layoffs.

As Ukrainian News earlier reported, the Cabinet of Ministers on November 11 applied to the State Property Fund with a request to extend terms of investment commitments for companies of the ore mining and metallurgical industry.

Late in December, the Arcellor Mittal Kryvyi Rih asked the Industrial Policy Ministry and the State Property Fund to amend the schedule of investment commitments on the purchase and sale agreement on Kryvorizhstal

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