The Deposit Guarantee Fund failed to hold an auction for the sale of titanium Velta

Assets for the extraction of titanium ores of the debtor Prominvestbank could not be sold due to the absence of participants

The Deposit Guarantee Fund for Individuals (DGF) failed to sell the assets of the Prominvestbank debtor, Velta, with assets for the extraction of titanium ores in the Kirovograd region with a total value of UAH 5.8 billion. This is reported by Interfax-Ukraine.

The auction, which was supposed to take place on August 1, 2022, did not pass due to the lack of participants.

According to the auction data, the first lot formed by the DGF on the assets of Prominvestbank – the right to claim under loan agreements concluded with legal entities – was exhibited for the first time.

In mid-July, DGF put up for auction on August 1, 2022, the company Velta with assets for the extraction of titanium ores in the Kirovograd region due to non-payment of the loan.

The company did not repay the loan from Prominvest Bank, which was previously liquidated. Now the Fund starts selling the liquidated financial institution.

As CEO and co-owner of the company Andriy Brodsky noted, a massive campaign launched against the Velta  and there are stakeholders in this process.

In July Velta resumed shipment of titanium raw materials from Ukraine. The company also received export licenses to supply products to the United States.

Earlier, Andriy Brodsky stated that the company plans to transport their capacities from the Dnepropetrovsk region.

Velta Holding owns 100% of Velta. The ultimate beneficiaries are three individuals: Andriy Brodsky (60%), Vadym Moskalenko (20%) and Vitaly Malakhov (20%).