Igor Mazepa: tricky situation with privatization of the Krasnolymanska coal company

Concorde Capital CEO Igor Mazepa commented the situation with privatization of the Krasnolymanska coal company

Concorde Capital CEO Igor Mazepa commented the situation with privatization of the Krasnolymanska coal company.

At this stage, the country’s largest coal mining company should be under preparation for privatization by its investment adviser, Concorde Consulting, a member of the Concorde Capital group of companies.

But Krasnolymanska’s privatization is being blocked for more than a year – said Igor Mazepa.

Despite the emergence of a new government in September 2019, which seemed to have reanimated the process, we have come across sabotage at the level of state bodies and the company’s own management.

Our goal, as advisers, is not to search for someone to blame – comments Igor Mazepa. We see a path to resolve the situation that has emerged and are ready to perform our work in the necessary manner – says Igor Mazepa.

To resolve the situation, our main position is that Krasnolymanska’s management needs to be replaced by a team that is more professional and cooperative with the government. That will enable us to prepare the company for privatization with speed and quality.

The absence of change in Krasnolymanska’s management will confirm that the new government doesn’t differ in any way from its predecessors in covering for and redistributing cash streams from state assets for itself – summarizes Igor Mazepa.

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