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Grain Corporation incurs UAH 1 bln losses from sale of grain at reduced prices since start of 2021
KYIV. Sept 21 (Interfax-Ukraine) – During the investigation into the actions of the former management of the State Food and Grain Corporation of Ukraine, law enforcement authorities established cases of export by the state company of agricultural crops to non-resident companies at low prices, which led to losses of the corporation in the amount of about UAH 1 billion in 2021, the corporation said on its website.
"The law enforcement agencies found that the former management of the corporation in the period from November 2020 to August 2021 carried out grain export operations with non-resident companies controlled by them. The cost of the goods was underestimated with a significant delay in payment. According to a preliminary analysis of the commercial activities of the corporation, since the beginning of the year losses from the purchase and sale of grain at "non-market" prices may amount to about UAH 1 billion," the company said in a statement.
According to it, the corporation recorded significant violations in all areas of its economic activities for the period from November 2020 to September 2021.
"Over the past months, a significant problem debtor indebtedness on the part of non-residents in the amount of about $ 29 million has formed," the state corporation said.
It also noted that 54,300 tonnes of barley were arrested within the framework of criminal proceedings against the actions of the previous management at the Transservice 2008 terminal (Odesa region), of which 32,600 tonnes have been on the ship for more than two weeks, due to which a batch of agricultural products can deteriorate, which will lead to significant financial losses.
The company emphasized that Odesa grain terminal and Mykolaiv port elevator have handled only 573,000 tonnes of grain since the beginning of the year, since the transshipment was mainly carried out on a commercial basis at the specified Transservice 2008 terminal.
The corporation also noted, among the actions of its former management, the complete halt of the forward grain procurement program for the period from November 2020 to September 2021, as well as the low load of its own elevators – 10% of their total capacity.
