The State Property Fund of Ukraine announced a change of management at PrJSC "Indar" — the only enterprise in the country with a full technological cycle of insulin production. The decision was made after a lengthy corporate conflict, which, according to the SPFU, for years prevented the state, despite holding a controlling stake, from fully managing the plant.
This was announced by the Head of the State Property Fund, Dmytro Natalukha. Details of the management change were also reported by Forbes Ukraine.
On October 27, the reinstated supervisory board of "Indar" decided to dismiss the previous management and appoint a new director. The enterprise is now headed by Ihor Matiunin, who replaced Liubov Vyshnevska. She had managed the plant since 2012.
According to Natalukha, the state owns 70.7% of "Indar" shares, yet for at least ten years it was effectively removed from management of the enterprise.
The head of the SPFU claims that the previous management, through legal mechanisms and court proceedings, blocked the activities of the supervisory board. This, in his view, hindered the change of director and the state's exercise of rights as the majority shareholder.
A separate conflict arose around the possible privatization of the plant. Natalukha stated that the previous management tried to create conditions under which the state-owned stake could be sold to only one buyer — a private minority shareholder — without an open auction.
About 30% of "Indar" shares are owned through the Cypriot company Luraq Investments Ltd. by Georgian businessman David Bezhuashvili, linked to the Georgian Industrial Group.
According to the Fund's head, the state managed to challenge the relevant restrictions in court and restore the powers of the supervisory board. At the same time, the accusations regarding the actions of the previous management are the position of the SPFU and do not imply a determination of anyone's criminal guilt.
The change of management was accompanied by a conflict over the transfer of enterprise documentation. Natalukha reported that after the supervisory board's decision, Fund representatives received information about a possible attempt to remove documents and electronic media.
According to him, after the arrival of SPFU representatives at the plant, it turned out that 27 hard drives were missing from the servers. They were later found in a box in the trunk of a company car parked outside the view of video surveillance cameras.
Natalukha also claims that the former director continued to give instructions to employees and tried to take out documents related to court cases concerning sanctioned and arrested property.
Law enforcement officers arrived at the enterprise. According to the SPFU, an investigative and operational group of the National Police documented the circumstances of the events, while Fund representatives together with the new management ensured the preservation of documentation and access to key premises.
The new management has already started work. Among the priority tasks are restoring control over accounting and personnel documents, seals and electronic signatures, stabilizing the plant's operations and auditing its work over the past ten years.
The enterprise is of strategic importance for the pharmaceutical industry. According to the State Property Fund, "Indar" carries out the full cycle of production of genetically engineered insulin — from obtaining the pharmaceutical substance to the release of finished medicinal products.
At the same time, the plant's economic indicators have been deteriorating in recent years. According to Forbes Ukraine, in 2025 "Indar" revenue decreased by almost 12%, to UAH 562 million. The enterprise's share in the Ukrainian insulin market fell to approximately 5%, whereas in the early 2000s it exceeded 70%.
The State Property Fund expects that the restoration of management will allow a full audit to be conducted, prepare the enterprise for development, and attract an investor. The issue of further privatization of the state stake remains relevant, but no specific sale deadlines have been announced yet.
Materials from: Dmytro Natalukha, Head of the SPFU, Forbes Ukraine, State Property Fund of Ukraine
