The Mining and Processing Plant cheated the state by UAH 10 million.
Mining and processing plant on the territory Ukraine evaded income tax of over 10 million hryvnias. The fraud was exposed by the Bureau of Economic Security and the court seized the company's shares and accounts. This was reported by the press service of the Bureau. It turned out that during 2020-2021 the company exported raw materials containing titanium to Russia and Belarus, instead of the declared exports of the Austrian company. The value of the goods was deliberately underestimated by over UAH 56 million, as a result of which the state lost over UAH 10 million in income tax revenues.
So far, the court has seized 100% of the company's corporate rights and its accounts in Ukrainian banks. The director of the plant was informed about the suspicion and the issue of choosing a measure of restraint for him is being resolved. The plant is developing the Vovchanskoye deposit in the Dnipro region and is registered with the Cypriot offshore company Limpieza Limited. According to Youcontrol, the ultimate beneficiary of the company is Russian billionaire Mikhail Shelkov.
Shovkov is the 56th number in Russia's Forbes with a fortune of $ 1.5 billion. He is the deputy chairman of the board of directors of Russia's VSMPO-Avisma, Russia's largest titanium supplier and one of the world's largest.
now heads the giant arms company Rostech.
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