Kremenchug Automobile Assembly Plant

denied information about bankruptcy. Director of the Kremenchug Automobile Assembly Plant (KrASZ; part of the AIS group) Nikolai Chernysh told reporters that the company is not bankrupt. According to him, the liquidation procedure has been opened in relation to Kremenchug Automobile Assembly Plant LLC, and the production of cars is carried out by the Kremenchug Automobile Assembly Plant Production Association LLC (which three years ago transferred to another legal form of ownership). On May 17, the Economic Court of the Poltava Region declared KrASZ LLC bankrupt, which does not have any real estate or vehicles on its balance sheet. The initiator of the bankruptcy case is the private enterprise "AZCh Service", which is owed 0.28 million UAH. Debt to PJSC Alfa Bank - UAH 238.82 million. KrASZ produces Chinese Geely passenger cars and Korean Ssang Yong SUVs using large-unit assembly. The plant's capacity is 40 thousand cars per year. "Interfax-Ukraine"

The Verkhovna Rada

rejected the pension reform project. Before the vote, Verkhovna Rada Chairman Vladimir Lytvyn informed deputies about the Cabinet of Ministers’ request to return draft law #7455 for revision. “Since we included it on the agenda, it is necessary to vote for the withdrawal of the document,” he explained. The Ministry of Social Policy told Kommersant that they began finalizing the document after the relevant Rada committee “negatively assessed its norms” in March and asked the president to “take the implementation of the pension reform under personal control.” “The ministry has developed amendments that, we hope, will be approved by the Cabinet of Ministers on Wednesday,” said Mikhail Kukhar, head of the press service of the Ministry of Social Policy. “If this happens, the document could be submitted to parliament the very next day.” If the pension reform is not adopted by July 15, Deputy Prime Minister of Social Policy Sergei Tigipko promised to resign, and the IMF promised not to provide Ukraine with the third tranche of a $1.5 billion loan. Maria Tsaturyan

"Autotechnology"

announced the start of production of buses in partnership with Porsche Ukraine. The Avtotekhnologiya company, specializing in the conversion of all-metal Mercedes and Volkswagen vans into passenger buses, has begun producing SIRIUS and ALTAIR buses. The production takes place in partnership with the official importer of VW in Ukraine, Porsche Ukraine, said the director of the importer’s company, Eduard Dyachenko. Passenger capacity of SIRIUS is 22 seats, ALTAIR is up to 19 seats. Among the competitive advantages of buses is fairly low fuel consumption (11-12 l/100 km) compared to 20 l for similar models. Porsche Ukraine has been working on creating buses for almost two years and looking for partners to produce them. Mr. Dyachenko explains the withdrawal of such bus models by banning, from January 1, 2012, the operation of buses converted from cargo and cargo-passenger vans. “The market volume is 7-12 thousand buses. But the quality of the fleet, in particular buses with a gross weight of up to 5 tons, is morally and physically outdated. Therefore, the market potential is quite large,” noted Sergei Nosenko, sales manager for commercial vehicles at Porsche Ukraine. According to him, the production of buses in 2010 amounted to 2.69 thousand units (+76% compared to 2009). "Interfax-Ukraine"

Ministry of Finance

failed to sell government bonds. The domestic government loan bonds (OVGZ) offered at the auction did not attract the interest of buyers - only 10 applications were submitted. For 2-year securities, 4 applications were submitted for a total amount of UAH 341.3 million (minimum rate - 9.5% per annum), for 9-month - 5 applications for UAH 92 million (7.8%), for 6-month — 1 application for UAH 50 million (8.95%). The Ministry of Finance failed to sell government bonds at auction for the first time since December 28 last year. Yuri Panchenko

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