The State Property Fund of Ukraine (SPFU) has replaced its leadership and returned the only insulin production plant to state control

The State Property Fund of Ukraine has reshuffled the management of “Indar”—the country’s only insulin manufacturing plant. After the previous management was dismissed from the company, according to State Property Fund Chairman Dmytro Natalukha, attempts were made to remove documentation, and 27 hard drives disappeared from its servers.

The state owns more than 70% of Indar’s shares. At the same time, according to Natalukha, the company had been in decline for years, and the state had effectively had no control over the company for at least the past decade, despite its status as the majority shareholder.

Dmytro Natalukha stated that the plant had long been under the control of the same management. Lyubov Vyshnevska, who was appointed during Viktor Yanukovych’s presidency, had been the company’s director since 2012.

“The fact is that Indar’s long-serving director, appointed back during Yanukovych’s time, has been running the plant into the ground for over ten years.

What happened at the plant is what is known in the corporate world as a ‘management takeover,’ when the company’s leadership seizes full control of it against the will of the shareholders,” Natalukha wrote.

According to the head of the State Property Fund of Ukraine (SPFU), the company’s management first secured a legal block on the supervisory board’s operations. This, Natalukha claims, made it impossible to dismiss or replace the director.

The head of the State Property Fund stated that the suspension of the supervisory board’s activities was linked to an attempt to ensure the sale of the 70% state stake to a single private minority shareholder—bypassing an open auction.

According to Natalukha, through legal and judicial mechanisms, the state was effectively compelled to sell its stake to a single buyer, depriving the Fund of the opportunity to put the shares up for public auction.

A 30% stake in “Indar,” held through the Cypriot company Luraq Investments Ltd., belongs to David Bezhuashvili—the owner of one of Georgia’s largest industrial groups, the Georgian Industrial Group (GIG).

According to sources in the pharmaceutical market interviewed by “Economic Truth,” David Bezhuashvili and Lyubov Vyshnevskaya are close associates.

“Through legal and judicial maneuvers, the executive effectively prevented the state from selling its stake at an open auction.

Instead, the state was literally forced to sell it to only one buyer—a private minority shareholder. We broke this scheme in court,” added Natalukha.

On October 27, Indaru’s supervisory board, which had been reinstated, dismissed the company’s previous management. However, according to Dmytro Natalukha, as early as the night of October 28, the former management attempted to remove documentation from the plant.

When representatives of the State Property Fund of Ukraine arrived at the company, they documented a number of circumstances:

• the dismissed director continued to give instructions to employees and had access to internal documents;
• 27 hard drives had disappeared from the company’s servers. They were found in a box in the trunk of a company car parked in a “blind spot” not covered by surveillance cameras;
• according to Natalukha, the former management attempted to mislead the Fund’s representatives and the new director;
• The former director attempted to remove a package of court documents related to sanctioned and seized property.

The National Police were called to the scene. By 1:00 a.m., the new management, together with representatives of the State Property Fund of Ukraine and law enforcement officers, had sealed off key offices at the plant.

Indar’s new management has already begun carrying out its duties. Further details regarding the events at the enterprise and the possible legal consequences of the former management’s actions require a thorough investigation.

This was announced by Dmytro Natalukha, head of the State Property Fund of Ukraine.

Earlier, the Ministry of Health of Ukraine decided to provide insulin free of charge during the period of martial law.