Chairperson Iryna Marchenko resigned from SFGCU, Simon Cherniavsky appointed to the post

Chairperson Iryna Marchenko resigned from the State Food and Grain Corporation of Ukraine (SFGCU), she confirmed to Latifundist.com.

"I am the first Chairperson of the SFGCU to hold the position for two years. Time will tell if this is bad or good. But, at least, the company has recovered its form, the team sees the goals and is precisely moving in the chosen direction. We have developed a strategic plan for the development of the Corporation. We have reduced the debt burden as much as we could and even generated operating income. I want to express my gratitude to the team. Over these two years I felt a reliable support," commented Iryna Marchenko.

As informed by market sources, the Cabinet of Ministers of Ukraine has agreed on Simon Cherniavsky's candidacy for the post of the acting head of the Corporation. Latifundist.com contacted Simon Cherniavsky, yet he said that he was not ready to comment on that information.

As a reminder, Iryna Marchenko acted as the head of the SFGCU since January 2018. Since then, the Corporation has been fulfilling its credit obligations in the agreement between the SFGCU and China National Complete Engineering Corporation (CCEC), in particular, it has begun repaying the body of the loan (in equal instalments of USD 75 mln every six months).

As of October 1, 2019, the loan portfolio decreased by USD 300 mln to USD 1.2 bln. In addition, the SFGCU was included in the ranking of the largest companies in terms of assets value of state-owned agribusinesses for the year 2018.