Currently UMCC has sufficient financial resources to ensure the payment of salaries and bonuses to employees

On June 1-2, the UMCC management, consisting of board members Peter Davis, Artur Somov, and Yuri Solovia, visited the Vilnohirsk MMP. New members of the board explained the reasons for stopping the company to the employees of mining shop and concentratorplant, and as a result of these meetings, reached full understanding with the company’s staff. Last Thursday also a similar meeting with the trade union of metallurgists and miners of Ukraine was held.

The operation shutdown of the Vilnohirsk MMP was forced measures and completely justified for two reasons. Firstly, at the time of operation shutdown the shipment of the plant’s products went at price below market. Secondly, there was a risk of non-payment for the shipped goods even at lower prices at that time. The UMCC management's fears were based on the fact that the companies should have shipped the plant’s products already had receivables of about UAH 400 million to the company.

“Today, UMCC has sufficient financial resources to ensure the salaries and bonuses payment to employees. The operation shutdown of MMC will not affect the fulfillment of all company’s obligations to the staff. Currently, the company's warehouses are filled with products, commercial departments employees of UMCC are working on concluding new contracts under market conditions. It is planned to resume the work of Vilnohirsk MMP within two weeks. Irshansk MPP continues to work normally, there are no plans to suspend production at the branch,” - says Peter Davis, acting Head of the management Board at UMCC.

* All information on the UMCC activities will be temporarily published on the official website of the State Property Fund of Ukraine, as access to the company's website and the official Facebook page of the UMCC has been blocked by the former management.