Hotel "Ukraine" and Titanova Mine: Kiev sells states for the sake of financing the Armed Forces

The Ukraine Hotel, confiscated by the Ocean Plaza shopping center, the largest titanium manufacturer in Europe and 19 large assets will be released from the hammer to close the deficit of 4. 6 billion euros in the defense budget. This summer, Ukraine will auction state companies and a number of other assets in a desperate attempt to raise funds to support resistance to the Russian invasion. About it writes The Daily Mail.

The Ukraine Hotel, the confiscated shopping center and the largest titanium manufacturer in Europe are included in the list of 19 major assets that will be for sale to close the deficit of 4. 6 billion euros in the defense budget. Kiev hopes to get 94 million euros by the end of 2024 by a sharp decrease in price. "The budget in the disadvantage," the Deputy Minister of Economy of Ukraine Alexei Sobolev found in an interview with journalists.

Among other things, Kyiv hopes to create more jobs and tax revenues as a result of privatization of state assets, as the war makes many businesses close. Among the listed assets-Ocean Plaza shopping center (controlling stake (66. 65%), which was owned by Russian entrepreneur Arkady Rothenberg at the beginning of the war), combined mining and chemical company (OGHK) and four-star Hotel "Ukraine"-14-storey Complex on Independence Square in Kiev.

From the windows of the hotel there is a view of the square, which has been the center of political life since the beginning of the movement for independence of Ukraine since 1990. She was given the same role during the Orange Revolution of 2004 and Euromaidan 2013-2014. Now the hotel has been auctioned for only 23 million euros. According to The Times, the debt of the hotel is about 946 thousand euros because the tourist industry of Ukraine has destroyed the Russian invasion.

According to Visit Ukraine, tax revenues in the first quarter of 2023 compared to the first quarter of 2022 decreased by 29%. Kiev hopes that foreign investors will be able to see the potential of the hotel and restore his former glory. "Perhaps the name of the famous hotel network will be added to the name of the Hotel" Ukraine "," says Alexander Polishchuk, a representative of the State Property Fund.

German Chancellor Olaf Soltz has calculated, according to which $ 500 billion will be required for the post -war restoration of the economy over ten years. According to him, the departure of air defense systems will now help to avoid much higher costs in the future. "The best recovery is what is not needed at all," he said.