Landkom forced to make cuts without VAT compensation

Landkom (LKI LN) said yesterday in a statement that it has been forced to limit planted area (32 ths ha vs. 54 ths planned), cut 300 staff members and postpone special projects, including a USD 50 mln investment project in Lviv region, because it has not received VAT compensation, according to Interfax. CEO Richard Spinks was quoted as saying the debt for VAT compensation due to it had risen to UAH 74 mln.