Market Analysis

Government has not returned the deposit amount of two of the three contestants for the privatization of IPF - Nortime Igor Kolomoisky and Frunze Flora Konstantin Grigorishin. His right to a refund, they can defend in the courts. At the same time before the end of proceedings, the government can forget about the effective sale of the object and the interest in him by investors.

We are indignant inconsistent behavior of the State Property Fund, which was initially refused for unknown reasons, to recognize us as winners and now wrongly using cash, representing a competitive safeguards enumerated Nortimoy, - said the representative of the LLC Nortima Roman Zhugan. He believes that until such time as the State Property Fund will not be a contract of sale of shares with IPF Ltd. Nortima as the winner of the contest, the state has no legal authority or moral right to use the money made by the company as a competitive guarantees.

Recall that on the day of the competition - 29 September - FGI overturned the results of bidding, which won the Nortima, and within ten days was required to return the money the participants of the competition. While a security deposit paid to only one of the contenders - Russia's Nitrogen-Service, according to information of the Fund. Why was denied bail to two other parties - remains a question. From our contacts with SPF, it follows that the agency transferred all the necessary documents to the State Treasury to refund was made. But in the Treasury reported that the transfer of funds can not be implemented because of the actions of SPF, - says Zhugan.

Asked whether the delay in payment of the amount of collateral evidence that the government is considering over the fact I did not recognize as legitimate the results of the contest, he replied: In the Government's actions hard to see the logic. If the results of the competition removed, why non-refundable deposit? And if you come back, why not selectively? Therefore, we are preparing a lawsuit in which we intend, first of all, to demand recognition of our competition winners. Also in court, we will recover their losses, - said a representative of Nortimy.

Last week, Konstantin Grigorishin told the media about the non-return collateral for participation in the purchase of SCR controlled his company Frunze Flora. As noted in the press service of the businessman, from the moment the situation has not changed, and the company is also preparing a claim on compensation for losses incurred in connection with participation in the contest. In a similar situation in 2007 hit Russia Acron. He also did not return the depositwithin the period after the abolition of the sale. However, the company did not get involved in litigation on this matter.

Analysts call the government's actions in relation to the participants of the contest unprecedented. As an official, I see no explanation for this behavior. As a citizen, I believe that the present government takes the experience of primary accumulation of capital through non-repayment of debts and so-called kidalova on public management. Trials on this topic may last for years, but for now, as they say, Court so the case - the money will be spent. Partially - on campaign financing - suggested a political scientist, deputy secretary of the NSDC Dmitry Vydrin. President, Center for Economic Development Alexander Paskhaver sees the situation as disrespect for the law by the authorities. This case once again pointed to the fact that our country is more important than expediency of the law, - considers Paskhaver.

analyst found it difficult to predict, as will be further addressed the fate of IPF, but he said that privatization in the country was paralyzed since 2004, and suggested that the ability to unlock it will appear not earlier than the political elite is aware of the need for consolidation.
Partner, Magister & Partners Sergey Vlasenko in such a situation, advises companies to wait for the powers of lucid explanation for why they do not return the money.

If non-payment would be illegal, the companies have every right to defend in court the right to compensation for direct and indirect losses caused by the actions of the authorities, - said Vlasenko.

financiers believe that litigation and the crisis is not added to the attractiveness of IPF. If the MFI did try to sell the factory in 2010, he is unlikely to be applied more than 5 billion UAH. It is highly probable that the plant would have to sell cheaper than this amount - suggests analyst IK Dragon Capital Tamara Levchenko. She believes that the asset value is now less than $ 250-300 million

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