The court overturned the privatization of the Dalnegorsk mining and processing plant

The Arbitration Court of the Primorsky Territory fully satisfied the claim of the Prosecutor General’s Office of the Russian Federation for the return to the state of the only producer of boric acid in the Russian Federation – the Dalnegorsk Mining and Processing Plant. The lawsuit was filed against the owner of the mining and processing plant, Fininvest LLC (Moscow).

The decision was made on September 27, it follows from data files of arbitration cases. The decision itself has not yet been published. Press secretary of the Primorye Arbitration Court Inga Sorokina said “Interfax”that details will be revealed later.

The Prosecutor General’s Office considers the Dalnegorsk mining and processing complex strategic for the defense of the country and the security of the state. According to the department, laws were violated when acquiring shares in the company’s authorized capital and they are now owned by “a group of persons with the participation of residents of foreign countries.” According to the Unified State Register of Legal Entities, Dalnegorsky GOK LLC belongs to Fininvest through Radamant LLC (Moscow). The parent company of Fininvest is the Cyprus offshore Rakspol Trading Limited. The court previously seized 100% of the shares in the authorized capitals of the Dalnegorsk Mining and Processing Plant and Radamant, and seized all movable and immovable property of these companies.

Dalnegorsky GOK is the operator of the only operating boron deposit in the Russian Federation. The Dalnegorsk borosilicate deposit contains about 3% of the world’s boron reserves. The GOK’s revenue in 2022 amounted to 3.8 billion rubles, the net loss was 535 million rubles. As of the end of 2022, the company employed about 1.9 thousand people.

Leonid Uvarchev