Ukraine has officially completed the privatization of the United Mining and Chemical Company (OGHC), one of the largest titanium concentrate producers in Europe. The investor was the company "Cemin Ukraine", part of the Azerbaijani Neqsol Holding, owned by businessman Nasib Khasanova. The amount of the agreement is UAH 3.94 billion. Formally - the market. In fact, the final point in the long -term scheme of systemic robbery of the state.
OGHK is not just a state -owned enterprise. It is a resource base with export potential for hundreds of millions of dollars annually. Since 2015, the company showed crazy profits:
-
2015: 773 million UAH of profit
-
2017: UAH 443.7 million at a revenue of 2.77 billion
, but after 2017, profitability drops sharply, and since 2019-official profit disappears at all.
In 2023, the company declared a loss of UAH 481 million. According to the documents - bankrupt, in fact - a sales asset with cleared reporting.
If we take the average profitability of the "healthy" period (≈41%), then for 2019-2023 the OGHK should bring more than 5 billion UAH of net profit. But it is not.
Real losses of the state, taking into account optimization, withdrawal through gaskets and traders - more than UAH 14.3 billion.
The scheme looks like this:
-
Operating expenses are "swollen": repairs, logistics, marketing through affiliate firms.
-
Sales through traders: lowering the export price, profit remains "behind the scenes".
-
Outsors and fictitious services: pumping money in the form of "costs".
-
Zero profitability: the state does not receive taxes - because there is no profit.
In 2023, the State Property Fund puts OGHK for auction. One winner is Camine Ukraine.
- price - UAH 3.94 billion
- annual revenue in 2021 - UAH 4.59 billion
- estimated cost of resource base - much higher
That is, an asset that, under normal conditions, could bring a billion every year, was sold for less than an annual revenue, with the promises to "invest" 400 million UAH - a trifle compared to real potential.
Formally - an investor. In fact, the new beneficiary of the old scheme.
Neqsol Holding has already "saved" Russian business in Ukraine, buying Vodafone Ukraine from MTS/Yevtushenkov structures. This time - "saves" the Ukrainian titanium industry. And again - without competition, without public analysis of contracts, without guarantees to return the state at least a penny of real benefit.
A combined mining-chemical company is an example of how a strategic resource that could become a source of stable income for the army, education, medicine-turns into another feeder for "close".
From "state control" - to losses, from "reforms" - to the withdrawal of money through offshore, from "privatization" to a new circle of uncontrolled enrichment.
Ukraine was again robbed - only this time not "on the subject" but "on the titan". And again - legally, in public, under the guise of reforms.
