The Kiev appeal economic court refused to satisfy the complaint of "Oschadbank" and upheld the decision of Economic court of Kyiv on 14 June that the Bank has been denied the seizure of the means of "Ukrtelecom" in banking institutions, as well as on movable and immovable property of the company within the amount of the claim.

"Oschadbank" was not able to achieve arrest of property of "Ukrtelecom" Akhmetov

The decision the court made on 13 September, reports Biznestsentr with reference to Finbalance.

"Given the fact that the plaintiff has not provided any evidence that the Respondent is committing or intends to perform actions on alienation of property belonging to him, as well as actions that may significantly complicate or make impossible execution of the future court decision, he appealed to the court to support the plaintiff's allegations on the claim should be denied," stated the court.

According to court materials, in this case the Bank tries to recover from the "Ukrtelecom" 1.1 billion UAH of debt under the contract of purchase and sale of securities (referring to the bonds of LLC "ESU") from 15 September 2015. The "Ukrtelecom" filed a counterclaim to "Oschadbank".

We will remind, in March 2017, LLC "ESU" (the owner of 92.8% of shares of "Ukrtelecom", the ultimate beneficiary – Rinat Akhmetov) was supposed to redeem the bonds at UAH 4.6 bn but failed to do so (i.e. defaulted).

The largest holders of these securities – state "Oschadbank" and "Ukreximbank". Production of relevant papers contributed to the privatization of "Ukrtelecom" in 2011.

Read also: the Court of London was obliged to pay ametova associated with Firtash companies of $760 million for "Ukrtelecom"

In 2015, Ukrtelecom joined the talks, LLC "ESU" with "Ukreximbank" and "Oschadbank" on the debt on the bonds. In the "Ukrtelecom" has committed itself to buy back their bonds of LLC "ESU" on 2 billion UAH to pay a cent. As collateral to state-owned banks were transferred to the shares of "Ukrtelecom".

It was planned that the debt repayment will come at the expense of funds from the sale of "Ukrtelecom" 3G-operator "Trimob" for "MTS Ukraine", but the deal fell through (due to the lack of consent of the state property Fund).

May 29, the Kyiv appeal economic court refused to satisfy the appeal of "Oschadbank" and upheld the decision of the Economic court of Kyiv on March 2 in another case, in which the Bank was also denied the claim to the LLC "ESU "for the recovery of UAH 1.1 bn of debt through repossession of 92.8% of shares of "Ukrtelecom", owned by LLC "ESU" and pledged to the Bank.

Their claims of "savings" based on the fact that "Ukrtelecom" has not fulfilled the obligations mentioned in the agreement of purchase and sale of securities dated 15 September 2015, and but not purchased until March 15, 2017 bonds of LLC "ESU" of the series With 1 billion UAH, which in April 2013 was purchased by the Bank from LLC "ESU".

17 July 2018, the Supreme Court quashed the decisions of lower courts, which satisfied the claim of "Ukrtelecom" to "Oschadbank" and terminated the contract of purchase and sale of securities. The Supreme Court sent the case to the court of first instance.

As reported, on 3 July the Supreme Court quashed the decisions of lower courts, which at the request of the state property Fund was terminated the contract of purchase and sale of 92.8% of shares of "Ukrtelecom", signed in March 2011 between the Fund and LLC "ESU" and was obliged LTD "ESU" to return said package of shares of "Ukrtelecom" for the state (also LLC "ESU" to pay in favor of the state budget default interest in the amount of $81.9 million). The Supreme Court sent the case for retrial.

Subscribe to Biznestsentr in Facebook, Twitter and Telegram


See comments →