The nationalized stake in the “Kirovograd Ore Administration” has been put up for privatization: what’s included in the lot
12 October 20:55
The State Property Fund of Ukraine (SPFU) has announced an online auction for the privatization of a 52.7596% controlling stake in JSC “Kirovograd Ore Management .” The corporate rights were previously forfeited to the state pursuant to a ruling by the High Anti-Corruption Court in a case involving Russian businessman Sergei Kabargin. This was reported by "Komersant Ukrainian", citing the State Property Fund of Ukraine.
The starting price for the lot is 18.04 million UAH (18,042,905 UAH). The online auction will take place on November 3, 2026, and bids from potential investors will be accepted until 8:00 p.m. on November 2.
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What the Future Owner Will Get
“Kirovograd Ore Management” specializes in the extraction of secondary kaolin—a raw material used in the production of refractory materials, ceramics, porcelain, cement, and other industrial products.
The company operates the Oboznivske secondary kaolin deposit in the Kropyvnytskyi district, approximately 20 km from the regional center.
The company’s assets include:
- 52.7596% of the company’s authorized capital—431,225 shares;
- 37 real estate properties with a total area of 7,176.16 square meters;
- the company leases 21 land plots with a total area of 135.79 hectares.
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According to the State Property Fund of Ukraine, from 2023 through the first half of 2026, the company generated 117.45 million UAH in revenue from the sale of products and services. Of this amount, 47.3 million UAH came from exports.
At the same time, as of June 30, 2026, the company’s overdue accounts payable totaled 11.14 million UAH and $105,000. According to the fund, there are no wage arrears or outstanding budget payments.
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How the Ore Management Company’s Shares Passed to the State
In June 2023, the Security Service of Ukraine announced that it had placed Russian businessman Serhiy Kabargin under suspicion. According to the investigation, he used the Kirovohrad Ore Management JSC, which he controlled, to extract and export refractory clay and kaolin, which were supplied through third-party companies to entities of the Russian state-owned giants Rosatom and Lukoil. The taxes and profits generated through this scheme were channeled into the Russian Federation’s budget to finance armed aggression.
Kabargin was notified of his status as a suspect under Part 4 of Article 110-2 of the Criminal Code of Ukraine—financing actions committed with the aim of forcibly altering the territory or state border of Ukraine.
In November 2025, the High Anti-Corruption Court ruled to forfeit to the state a portion of the company’s shares, which, according to the court’s findings, were effectively controlled by a Russian businessman associated with them.
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