KYIV, Feb 5 – United Mining and Chemical Company (UMMC), which manages Vilnohirsk Mining and Metallurgical Plant (Dnipropetrovsk region) and Irshansk Mining and Processing Plant (Zhytomyr region), has initiated recovery of $38 million withdrawn by the previous management as the company believes.

"The funds were "laundered" from the company during the period when Ruslan Zhurylo (former head of the UMMC board) and Oleksiy Hladushko (former acting head of the UMMC board) managed the company. State-run JSC UMMC appealed to the International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine with a lawsuit against the intermediary companies Bollwerk Finanzierungs- und Industriemanagement AG (Austria) and Defessa Trans FZE (UAE)," the company said in a press release on Thursday.