For the first time, Ukraine has put a Russian oligarch's plant up for privatization: what is the price

Darina GertsevaNews
Ukraine has put up for sale a sanctioned plant
Ukraine has put up a sanctioned plant for sale. Source: STATE PROPERTY FUND OF UKRAINE

The State Property Fund of Ukraine (SPFU) has started the auction process for the "PentoPack" plant, which provides a full cycle of production of packaging for meat products, confiscated from a Russian oligarch. The starting price of the lot is UAH 203.7 million.

This was reported by the SPFU. "The State Property Fund has approved the starting price of the "PentoPack" plant for UAH 203.7 million. The lot for privatization will be published in the Prozorro. Sale today. The auction is scheduled for May 31," the statement said.

A view of the ''PentoPack'' plant

It is noted that this asset was seized from the family of the Russian-Greek oligarch Ivan Savvidi, who has close ties to the leadership of the Russian Federation and supports the occupation authorities in the temporarily occupied territories of Ukraine. "PentoPack" performs a full cycle of packaging production for meat processing products, using advanced technologies, including high-quality printing with UV, water, and alcohol inks.

The starting price of the lot starts from UAH 200 million

Among its clients are well-known Ukrainian brands such as "Rud", "Globino", and "Meat Guild", as well as customers from more than 30 countries. Currently, the company is a profitable business, continues to fulfill its tax obligations, and provides jobs for a team of 193 employees.

SPFU notes the high profitability of the plant

"We are talking not just about production facilities, but about a well-established profitable business in a promising segment of the food industry. The new owner will have all the opportunities for further growth and development," said Vitalii Koval, Head of the SPFU.

Who is Ivan Savvidi?

Ivan Savvidi is a Russian oligarch of Greek origin. In 2023, he was included in the Forbes magazine's "110 Russian Billionaires" rating, where he took 71st place with a fortune of $1.7 billion.

The Greek-Russian businessman's federation "Greeks of Russia," funded by Savvidi, transferred off-road vehicles and generators to terrorist structures to the leader of the so-called DPR Denis Pushilin. Earlier, during the investigation by the State Bureau of Investigation, his assets, as well as a complex of non-residential premises, bank accounts totaling UAH 23.4 million and USD 345 thousand, as well as vehicles were seized and transferred to the management of the ARMA.

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