OREANDA-NEWS. On August 02, 2007 System Capital Management has become a member of the European Business Association (EBA). The company’s application for membership was agreed by the EBA’s board with SCM becoming a full member of the organization with immediate effect, reported the press-centre of SCM.

"SCM as the largest Ukrainian company is committed not only to development of its business, but also to making maximum contribution to development of the Ukrainian economy as a whole. We not only invest substantially in Ukraine but also introduce the international management standards including communications with our stakeholders”, said Jock Mendoza-Wilson, SCM’s Director of International and Investor Relations. He also added: “EBA has built respect with business, government and European institutions through its effective and professional advocacy on business and economic issues in Ukraine. We believe that joining the Association will enable us to play even more active role in development of the Ukrainian economy”.

Welcoming SCM as member the EBA’s Executive Director, Anna Derevyanko, said:

“We welcome membership of System Capital Management in the European Business Association since we belive the company can and will contribute to successful implementation of the EBA tasks regarding reducing barriers to investment in Ukraine, providing input to different instruments promoting economic integration with the EU and promoting Ukraine`s image as an investment destination and business partner.”

Information for journalists:
JSC System Capital Management (Donetsk) is the largest Ukrainian managing company, which owns and controls assets in the steel, engineering, energy-generating, coal-mining industries, in telecommunications, banking, insurance, media and other sectors of economy.

In particular, the company is a shareholder of Azovstal Iron and Steel Works, Yenakievo Metallurgical Works, Khartsizsk Pipe Works, Avdeyevka by-Product Coke Plant, Central and Northern Mining-Dressing Integrated Works.

90% of JSC SCM shares are owned by the Ukrainian businessman Rinat Akhmetov.

The EBA was established in Kiev in 1999 at the initiative of the European Commission and is one of the most respected business organizations in Ukraine with over 650 members drawn from leading Ukrainian and international companies. The EBA’s goal is to lead and support the establishment of European standards and business practices in Ukraine and to help communication between business and government. The EBA works in partnership with government and non-governmental organizations to improve the business environment and to encourage ethical business practices in the country.