REUTERS
Acting Chairman of the State Food and Grain Corporation of Ukraine Oleksandr Grygorovych has announced his resignation, according to the Corporation’s press service.
The statement says the SFGCU will shortly provide a report on his performance as acting head of the Corporation.
At the same time, no information was provided on the reasons for Grygorovych’s resignation and his plans for the future career.
Read alsoSFGCU cuts losses by 82.8% in 2016The press service said the Corporation reported almost UAH 46 million in net profit in 1Q 2017, for the first time in its history, against UAH 606 million in net loss for the same period last year.
As UNIAN reported earlier, SFGCU filed negative financial reports for the past four consecutive years. In 2012, the SFGCU attracted a US$ 3 billion loan from the Export-Import Bank of China, of which only $500 million was used; $1 billion remained in the deposit account in Ukreximbank, while another $1.5 billion is stored in a Chinese bank. The corporation has already paid $200,000 for the fund reservation. One of the reasons of company losses is reported to be the need to service the currency loan under the contract with the Chinese side, while the SFGCU does not intend to use the loan funds.
The State Food and Grain Corporation of Ukraine is a vertically integrated company that performs the complete cycle of operations with cereals and processed products, ranging from production to exports.