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The Fund`s enterprises: designing subways and modern bomb shelters - the new head of Ukrmetrotunnelproekt about future plans

Volodymyr Tsai, the newly appointed acting director of Ukrmetrotunnelproekt, is aiming to preserve the company's unique profile and re-implement ambitious projects.

The state-owned enterprise Ukrmetrotunnelproekt is located almost in the center of Kyiv, at Bulvarno-Kudriavska Street, 21. It used to be a well-known project institute that developed technical documentation for the construction of almost all the stations of the Kyiv Metro and beyond. Elderssay that the institute's archives contain drawings of tunnels and structures even of the Moscow Metro. In addition, the institute's profile allowed it to carry out project work for the tram and railroad tracks, road tunnels, and shelter facilities construction.

However, during the years of independence, the institute's staff (the main asset of the enterprise) completely disintegrated due to a lack of orders and ineffective management. Serious wage arrears were incurred to former employees. The enterprise`s accounts were blocked. The bankruptcy process began.

In early 2023, at the initiative of the Fund, Ukrmetrotunnelproekt got a new acting director who saw the prospects for the institute and did a tremendous job of restoring its operations in almost two months:

  • conducted a property inventory: the valuation and registration of archival documents increased the enterprise`s value by 3 million (UAH);
  • regulated relations with renterswho had previously leased the Institute's premises;
  • started the process of appealing in court an unlawfully inflated compensation for late wages payment;
  • unblocked the accounts of the enterprise;
  • as a pilot project, digitized the archive of drawings for the crossing between Khreshchatyk and Maidan Nezalezhnosti metro stations.

Mr. Tsai believes that the company can once again become useful to the city and resume its core business. Now that the institute's accounts have been unblocked, Ukrmetrotunnelproekt will be applying for tenders again. To do this, it is assembling a team that is capable of implementing projects of varying complexity, both independently and as a subcontractor.

"We are already negotiating the possibility of participating in the Podilsko-Vyhurivska metro line project, as well as other projects for the development and arrangement of underground facilities, including modern bomb shelters. The Institute can act as a designer, contractor, and also carry out technical supervision of various underground constructions," assures Volodymyr Tsai.

In addition, the institute has a unique archive of drawings that are often in demand whenthe municipal enterprise Kyivmetrobud carries out repair and restoration work on working metro lines and stations. It is important to preserve it by transforming it into a digital format.

The Fund believes that the case of Ukrmetrotunnel is a good example of how an experienced and motivated manager can pull an enterprise out of bankruptcy and bring it back to life.

"Currently, the Fund`s portfolio includes more than 2.4 thousand enterprises, and each of them has its own financial history, mostly sad - debts accumulated in previous years, illegally alienated property, arrested accounts, depreciated assets, and no primary documentation. In this state, they are transferred to the Fund, and our task is to save them, if possible," says Yurii Cherdyntsev, Director of the State Enterprise Management Department.

In the first quarter of 2023, 32 new executives have already joined state-owned enterprises and are ready to become effective managers.