State Property Fund will apply penalties to Mittal Steel if the company does not react on remarks of SPF commission on fulfillment of investment obligations before November 10, as SPF chairman Valentina Semenyuk told Friday at a press conference.

Semenyuk noted that the commission recognized as unexecuted two items of purchase and sale contract of Kryvorizhstal. In particular, the matter concerns payment of employees bonus and transfer of dividends to the state budget for 2005.

According to her, in case of failure of meeting investment obligation, SPF will apply penalties to Mittal Steel in accordance with regulations on control of investment obligations. “We will impose fine and will oblige to pay off 13th salary and dividends. But this issue will be considered in court,” Semenyuk said.


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