SFGCU may become bankrupt in the near future, — MP
The State Food and Grain Corporation of Ukraine (SFGCU) may become bankrupt by the end of this week.
The company will not be able to independently pay $95 million to the next tranche of the Chinese loan, Elevatorist writes with reference to MP Maryan Zablotsky.
“It was inevitable, since much of the $1.5 billion received from China in 2012 was stolen under Viktor Yanukovych. A lot has also been done with the short-term quota for the Ministry of Agrarian Policy on the part of the Svoboda party. For six months of their management, about $250 million disappeared from the company’s accounts. Criminal proceedings were opened against all the company’s managers, without exception, all are fugitive. But there is little chance of returning the stolen money. The money remaining in the company could only be enough til the beginning of 2022,” Zablotsky said.
According to him, the government will have to pay for this loan, since in 2012 the loan was issued under state guarantees. Just under $1 billion remains to be repaid on the loan.
“The Ministry of Finance has the appropriate resources to repay either the next tranche of the loan, or in full. You can simply provide additional resources to SFGCU so that they repay at least the next tranche. This payment adds to the burden on planned external government borrowing in 2022. Unfortunately, due to the media background regarding a possible wave of Russian aggression, borrowing markets are temporarily closed for us,” added Zablotsky.