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Appointment of a new Director General

This is to inform that by the resolution of the Board of Directors of JSC "UM-3", dated 18.07.2016, Mr. Nikodim Kravchuk was terminated from the position of Director General of JSC "UM-3" according to the facts discovered by the result of special financial due diligence procedure. The new Director General of JSC "UM-3" (hereinafter - the Company), Mr. Slaviy Kolyada, who is the largest shareholder of the Company, was appointed.

By the result of financial due diligence it was revealed that since 2002 Mr. Nikodim Kravchuk provided most of the contracts for the purchase of tower cranes for the Company through companies that were wholly or partly under the control of, Mr. Alexandr Kravchuk, his son. Mr. Alexandr Kravchuk also occupied the position of the Deputy Director General of the Company and was responsible for the Marketing of services of JSC "UM-3". As the result of such approach companies owned by Mr. Alexandr Kravchuk in most of cases received full amount of contracts immediately. The Company instead was fully responsible for the lease payments that contained as well the profit of companies of Mr. Alexandr Kravchuk.

Again, such approach has allowed Mr. Alexandr Kravchuk, against economic interests of the Company, to earn a profit that was enough to develop an alternative huge dealer network for the supply of lifting and material handling equipment.

Further, after companies of Alexandr Kravchuk got enough profit to generate the budget to buy equipment themselves, Mr. Nikodim Kravchuk began to purchase equipment for JSC "UM-3" through direct contracts with these companies and provided discounted prices, against the interests of the Company, for contracts for the rental of the equipment form JSC "UM-3" for companies owned by Mr. Alexandr Kravchuk, his son.

Thus, Mr. Nikodim Kravchuk blatantly violated regulations of Russian Federation prohibiting related party transactions without the approval of shareholders and the Board of Directors, as well as one of the key elements of the contract between the Company and the Director General - the fulfillment of all his functions in the interests of the Company.

At the present time an application for a criminal case under an article 160 part 4 of the Criminal Code of Russian Federation was submitted against Mr. Nikodim Kravchuk.

Currently civil lawsuits for the indemnification against companies of Mr. Alexandr Kravchuk , such as "NTC Lifting machines" Ltd., "NTC GRPM" Ltd., "VKT" Ltd., are under preparation.

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Appointment of a new Director General

This is to inform that by the resolution of the Board of Directors of JSC "UM-3", dated 18.07.2016, Mr. Nikodim Kravchuk was terminated from the position of Director General of JSC "UM-3" according to the facts discovered by the result of special financial due diligence procedure. The new Director General of JSC "UM-3" (hereinafter - the Company), Mr. Slaviy Kolyada, who is the largest shareholder of the Company, was appointed.

By the result of financial due diligence it was revealed ...

Infrastructure projects

Reconstruction in the centre of St-Petersburg is very important experience because tower cranes should be installed within historic buildings and this is difficult and demanding challenge...

 

 

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