Ministry of Agrarian Policy promises to make Bread of Ukraine profitable after having subordinated it
26.06.2006 09:39 "Agro Perspectiva" (Kyiv) —
Ministry of Agrarian Policy is convinced when State-owned Joint Stock Company Bread of Ukraine is transferred into Ministry subordination, Ministry will make it profit-making/normalize Company current condition, reported Ministry of Agrarian Policy press-service. As to report, Ministry is convinced Company hasn’t succeeded to become grain market important participant due to inefficient management.
Ministry of Agrarian Policy admits within period of Bread of Ukraine functioning a number of its companies have been leased out illegitimately.
As to press-service, Bread of Ukraine subordination to Ministry of Agrarian Policy isn’t connected with Ukrainian Socialist Party interests despite Baranivskiy, Acting Minister of Agrarian Policy, being Socialist Party representative.
As earlier reported, Jun 21 Serghiy Khoroshailov, State-owned Joint Stock Company Bread of Ukraine Chairman, had accused Oleksandr Baranivskiy of his being unwilling to turn Bread of Ukraine into active influential grain market participant/agrarian market State operator.
Bread of Ukraine had ended 2005 at UAH22.998 mn loss.
Company Bread of Ukraine was founded in 1996; presently Company incorporates 81 grain acceptance/storage system companies.
Since end 1998 Company suffered financial problems due to having had got in big debts with petrol/gas companies while acting as agrarians fuel/fertilizers shipments intermediary.
Bread of Ukraine mid Jun credit indebtedness is estimated UAH670 mn.