News » Sport 13 April, 2009, 21:56
Problems afflicting IUD Corp. put an end to Lviv Euro-2012 ambitions, expert says

Problems that afflicted the Industrial Union of Donbas Corp. put an end to Lviv aspirations to host Euro-2012 finals matches, Serhy Nahorny, head of the analytical department of the Association of entrepreneurs participating in preparations for Euro-2012 finals told journalists. “Even if Lviv authorities manage to find a new bogus construction company to build a stadium and airport, UEFA cannot be fooled,” he stated.

According to an UNIAN report, Fitch Ratings lowered IUD’s long-range default rating from B to B-, with a negative prospect. Apr. 9, deputy of the Lviv city council Vasyl Popovych told Mayor Andry Sadovy that IUD’s debts run into $3.3 bn. “The company involved in the construction of a stadium in Lviv, Azovintex, is a structural subdivision of IUD. Therefore, I asked the mayor to comment on this,” he told journalists.

Azovintex Ltd., which owns a 49.99% stake in IUD, was contracted to build a Lviv stadium in late 2008. On March 31, 2009, the Economy Ministry named Azovintex the sole contractor to renovate the Lviv airport. One of the heads of the Public control committee in preparation for Euro-2012 Andry Kapustin told UNIAN that Azovintex should call a briefing to describe the company’s current standing. “The longer the silence of officials, the worse will it be for Lviv,” he commented.


Comment by ZIK

Lawyers of Lviv city council are preparing a lawsuit against Serhy Nahorny for declaring that the problems facing IUD will disrupt Lviv plans to host the Euro-2012 matches, Lviv city officials said Apr. 13.

“It’s a blatant attempt to sling mud on the Lviv community ahead of Michel Platini’s visit to Ukraine. Our opponents do not seem to like the fast rate of preparations for Euro-2012 in Lviv: active construction of the stadium, modernization of the Lviv airport and construction of new hotels. Mr. Nahorny’s association is little known, and he himself can hardly be regarded as an expert on Euro-2012 issues. Moreover, he crossed the line, making statements ways outside his questionable authority. The information war against Lviv is reminiscent of the worst examples of mud-slinging typical of Ukrainian election campaigns. An end must be put to such provocations. The city authorities are ready to file a lawsuit,” head of Lviv counsil department for information and foreign relations Ostap Protsyk warned.

UEFA president Michel Platini is expected to pay a 2-day visit to Ukraine to discuss preparations for Euro-2012.

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