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The scandal surrounding the titanium sponge

23 April 2014

Importance of titanium as a structural raw material can not be underestimated, it is possible, so for the possession of such a valuable material in sufficient quantity in the modern economic world erupt whole serious fights. Not long ago, the epicenter of the scandal was another titanium-known entrepreneur by the name of Firtash. Prosecutor businessman acted as an American company, which concluded with the entrepreneur multimillion-dollar contract for titanium supply. supplier company was to supply five to twelve million pounds of titanium sponge American customer, but has not fulfilled the conditions of the transaction, for which he prosecuted. In addition to the supply disruption one of the points of the charges against Mr. Firtash and his concern is bribery. The main supplier of titanium by prior agreement of the parties was to become a wholly owned subsidiary Firtash, located in India. However, such activities by Indian law should be carried out under license. To obtain such a license, and it took nearly nineteen million dollars, which accuses of embezzling partner American side. Naturally the license itself, obtained legally, is much cheaper, the lion's share of this sum was intended to officials at various levels to promote the full titanium project. According to the American counterparts to implement supply Firtash data the whole team has been organized, which negotiated both with the Indian state government officials directly involved in the titanium project and with the central governing apparatus of the Indian state. After the complete failure of the titanium supply management US company insists not only on the prosecution of the culprit, and complete confiscation of most of its assets, in the coating of already received amounts in bribes and economic damage caused by violations of the titanium supply. The list of assets subject to forfeiture falls more than two hundred subsidiaries owned by Firtash group. By the way the United States requires the withdrawal from the infringer economic equilibrium, even that part of the property, which could provide a titanium belated delivery, located in India with companies. Firtash not recognize the fault in the supply disruption, and calls the accusations voiced by the Americans, at least, farfetched.

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