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Ukrainian State Food and Grain Corporation shuts doors for syphoning funds offshore
10.09.2015 11:27 "Agro Perspectiva" (Kyiv) —
The State Food and Grain Corporation of Ukraine (SFGCU) has blocked the main channels of money withdrawal to the offshore accounts in a bid to recover as a trustworthy player in the grain market, UNIAN says referring to Denys Polezhaiev, Deputy Chairman of the Board of the Corporation, report.
Polezhaiev reminded, that the sale of grain to four offshore companies in 2014 resulted in US$132 million of receivables: «Ships have been sent, but we never got paid. Now we not only fail to collect the debts, but fall under the sanctions of the Ministry of Economic Development».
«It is almost impossible to return the money, so we have set a goal - to eliminate even the slightest possibility of money transfer in offshore accounts in the future. Now the corporation is set to work only with well-known companies with excellent reputation,» Polezhaiev said.
As to the report, in particular, the SFGCU has imposed a ban on trade with offshore companies, as well as significantly tightened control over the purchase of grain. The company abandoned the scheme of procurement through agents and work on a prepaid basis. In addition, the procedure of forward purchases has been tightened - the delivery of grain to elevators owned by the SFGCU has become a prerequisite.
As a result, the Corporation saw not a single new receivable, not a single default on export contracts this year.
«In order to neutralize the corruption trail of the past years, the new management has set fundamentally new rules. The Corporation indeed returns reputation of an honest and reliable partner, minimizing financial risks and optimizing logistics costs. This work will influence this year’s financial performance,» added Polezhaiev.
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