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Vorskla Steel: Bulgarian Steel Behemoth Price Inflated
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Troubled steel giant Kremikovtzi is considered the pride of communist-era industry in Bulgaria. Photo by BGNES
Rumors are still circulating that Vorskla Steel Bulgaria, controlled by Ukrainian businessman Konstantyn Zhevaho wants to buy the assets of liquidated Bulgarian steel giant Kremikovtzi.
According to information from the Kyiv Post, the press spokesman of Ukrainian Finance and Credit Group that Vorskla is part of stated that the Group is intent on participating, even though it considers the asking price to be too much.
"There is no well-defined opinion on the value of the mill. We have information that the price is overstated," stated the spokesperson.
Last week it was announced that the asking price is BGN 565 517 510 M.
Vorskla Steel CEO Viktor Demyanyuk says he already has a recovery plan for the mill; had conducted preliminary talks with the companies to which the behemoth owes money and they were ready to accept differed payments.
The CEO further presented documents evidencing embezzlement, Value Added Tax (VAT) draining schemes at Kremikovzi, and the illegal sale of electric power to other companies for prices 25% higher than the market ones.
Demyanyuk was firm “Vorskla Steel” was chased away from the mill on purpose with the sole goal to declare it bankrupt.
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