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  • OFFICIAL POSITION OF UKRENERGO REGARDING THE PROGRESS OF CORPORATISATION OF THE COMPANY AND ITS NEXT STAGE – INVENTORY AND PROPERTY VALUATION

    Yesterday, on 22 October, the Ministry of Energy and Coal Industry of Ukraine (hereinafter referred to as the Ministry) Ukrenergo held a meeting with representatives of international financial organizations (EBRD, USAID, United States Department of Energy Office at the US Embassy in Ukraine, the European Investment Bank in Ukraine, the EU Delegation to Ukraine and the Energy Community) chaired by the Minister Ihor Nasalyk to discuss issues of corporatisation of state enterprises, in particular, NPC Ukrenergo.

    During the meeting Ihor Nasalyk noted that the Ministry had made efforts to ensure the process of supervisory boards formation to be as transparent and understandable as possible. As an example, the Supervisory Board of NPC Ukrenergo was fully constituted in accordance with European requirements and standards and approved by the relevant order of the Ministry as of 19 October 2018 No 520. At the same time the Minister pointed out «shortcomings in the process of corporatisation, including the deferral of inventory and the  irregularities in the documents provided as to the property valuation, which led to the negative conclusions of the Commission for reorganisation of NPC Ukrenergo.

    Despite the fact that SE NPC Ukrenergo was not invited to this meeting, we cannot but mention positive changes in the process of corporate governance reform and express our hopes for further constructive interaction with the Ministry, approval of terms of contracts of the members of the Supervisory Board for the proper launch of its work.

    At the same time, Ukrenergo insists that the documents submitted to the Commission for reorganisation (transformation) of SE NPC Ukrenergo are valid, were sent in accordance with time frames determined by the law and agreed by the responsible authorities. Namely:

    – inventory results – agreed by the Commission and approved by the Ministry of Energy and Coal Industry of Ukraine;

    – valuation report — prepared by  an independent valuer and reviewed by the State Property Fund of Ukraine;

    – transfer balance sheet — prepared by the enterprise and certified by an independent auditor.

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