The Kyiv Economic Court of Appeals has ordered Unisteel LLC to fulfill its obligations under a mortgage agreement with OTP Bank (Kyiv), which contains a subject pledge of 100% stake of BS Allied Building & Steel Limited (Cyprus) in the charter capital of Unisteel LLC, through the sale of the pledged item.

According to the website of the judiciary in Ukraine, the decision was made due to the borrower's non-fulfillment of obligations to the bank under the loan agreement worth UAH 263.487 million. At the same time, the security of Unisteel's obligations was the pledge agreement, according to which the bank was transferred all the corporate rights belonging to the depositor as collateral.

According to the court ruling, as Unisteel has not fulfilled its obligation to return the loan and pay interest, OTP Bank has the right to enforce the pledge.

According to the report, the Kyiv Economic Court previously satisfied the bank's claim to recover the stake of Allied Building & Steel Limited (Cyprus) in the charter capital of Unisteel LLC to repay the debt on the loan agreement. However, the third party, disagreeing with the decision, filed an appeal to the Kyiv Economic Court of Appeals.