Irish Bank Resolution Corporation Limited (IBRC, Dublin) has not decided to sell the Ukraina department store in Kyiv, a representative of IBRC, Arseniy Muliutin, has told Interfax-Ukraine.
"The decision concerns a claim filed in 2011 to confirm rights to the mortgage agreement, as it was actively challenged by the previous managers of the department store. The sides make no decisions to sell the store," Muliutin said in response to a request of Interfax-Ukraine to comment on the ruling of the economic court in Kyiv of October 1, 2013.
The court satisfied a claim of IBRC against Kyiv-based public joint-stock company Ukraina department store worth $90.333 million with regard to collecting a debt on the loan of $83.5 million and $6.833 million of credit rates from Ukraina department store in favor of IBRC via the sale of property under the mortgage agreement of September 15, 2009.
The document says that the claimant submitted a report of Markus Bureau on the appraisal of August 14, under which the cost of the complex of buildings of Ukraina department store with a gross area of 45,333 square meters as the mortgage property as of July 31, 2013 was $96.805 million.
Miliutin said that as a representative of IBRC he does not have information if it is planned to sell Ukraina department store in the near term. He said that the cost of the store is stipulated in the court ruling.
Quinn Group holds a 92.75% stake in public joint-stock company Ukraina department store (Kyiv). Due to the bankruptcy of the owner of the group, control over its foreign assets, including the department store, was transferred to managers appointed under claims from IBRC bank.
А1 investment company, which is part of Alfa-Group consortium, and Ireland's IBRC on April 3, 2013 signed an agreement on the creation of a joint venture aimed at returning of loans issued to Ireland's Quinn Group. The loans are secured by a portfolio of property in Russia and Ukraine.
