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According to the Order of the State Property Fund of Ukraine dated 19.08.2020 №1406, Viktor Mykhailovych Busko continued to perform the duties of the Acting General Director since 25.08.2020 on the terms and conditions of the contract concluded with him.

By the same Order, Oleksii Viktorovych Bunesku, the Director for Strategy and Marketing of the Enterprise was relieved of the duties as the Interim General Director since August 24, 2020.

Viktor Busko was appointed the Director of “Elektrovazhmash” in December 2019. For the time of the investigation, Viktor Mikhailovich asked the Court to suspend him from his office. Viktor Busko was reinstated in his office according to the Decision of the Ordzhonikidzevsky District Court of Kharkiv dated 17.08.2020.

Information on change of the CEO of the Enterprise was entered to the Unified State Register of Legal Entities, Individual Entrepreneurs and Public Associations in the prescribed manner.

A working meeting with representatives of “Ukrhydroenergo” was held at the Plant. The agenda included some urgent issues of HPSs reconstruction, in which “Elektrotyazhmash” participates together with “Turboatom” in the framework of the international project called "Rehabilitation of Hydroelectric Power Stations".

During the meeting, a special attention was paid to the periods and stages of work, as well as the issues related to preparation of the accompanying documentation to the appropriate payment documents.

Information

“Ukrhydroenergo” is implementing a large-scale project on rehabilitation of hydroelectric power stations together with national partners, “Electrotyazhmash” and “Turboatom” Plants. The project is funded by the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB). The contracts were signed to the amount of UAH 5.6 billion. The hydroelectric generating sets of five hydroelectric power stations are subject to reconstruction: 2 Power Units (7 hydroelectric generating sets) of Kaniv HPS, 3 hydroelectric generating sets of Kyiv HPS, 2 hydroelectric generating sets of Kremenchuk HPS, Middle Dnieper HPS and Dnieper HPS-2. The implementation of the contracts is monitored by the EBRD, the EIB, as well as EDF and Mott MacDonald, independent international consultants.

SE Plant “Electrotyazhmash” fully repaid wage arrears to employees for April and May 2020.

On Monday, June 22, a meeting of the labor collective with Viktor Busko, the Acting General Director of “Electrotyazhmash”, took place, where, in particular, the delay in paying 12.6% of wages for April and the full amount for May was discussed. Then the General Director of the Enterprise set the deadline for the expected repayment of the debt - by Wednesday, June 24.

 As of June 25, all these funds were paid. "Electrotyazhmash" fully paid all the due money to the labor collective of the Enterprise.

 “Despite an extremely difficult financial state of “Electrotyazhmash”, we are doing everything possible to fulfill the liabilities to the employees. This week, the wage arrears for the previous months were fully repaid. The opportunities for raising the wages and improving the working conditions at the Enterprise are currently being discussed”, - the Company notes.

 The opportunity to pay off debts to the labor collective appeared due to payment effected by JSC “Turboatom”, which obtained a credit and settled accounts with “Electrotyazhmash” under the previously concluded agreements.

 As previously reported, at the start of work of the new Management at the Plant, there were practically no funds on the accounts of “Electrotyazhmash”, even to ensure the operational activities of the Enterprise. During work of the previous Management, the debts amounting to over UAH 1 billion were accumulated, including a credit taken from the State Saving Bank of Ukraine. The payments for this credit were not effected for two years.

 The new Management is now working on removing “Electrotyazhmash” from the crisis state and concluding new contracts for delivery of our products.