PJSC Ukrsotsbank (the UniCredit brand) has accused the former management of Creative group of companies of the withdrawal of collateral on a loan for $300 million, Baltic Control Ukraine survey company confirms the unauthorized withdrawal of the collateral and denies accusations of aiding and abetting the former management of Creative.

According to data from the State Court Rulings Register, Ukrsotsbank accuses the officials of PJSC Creative, Ellada, Tradeoil LLC and PJSC Yahotyn grain collecting station, and Creative Postach LLC of the withdrawal of collateral under the syndicated loan in the amount of $300 million.

To ensure credit obligations between Ukrsotsbank and Creative, a contract for the collateral of goods and raw materials was signed, which was controlled by Baltic Control Ukraine hired in 2014.

After the change of the Creative ownership in August 2015, the new management of the company hired another surveyor, British-based Drum Risk Management, and auditing company Kreston GCG Audit. The latter revealed discrepancies in the reports of Baltic Control Ukraine surveyor with the accounting report made by Creative. According to the auditors, the volume of collateral in the reports made by Baltic Control Ukraine was significantly overestimated compared to the Creative accounting data.