Court upholds ruling to recover over $200 mln from ex-owners of Creative Group in favor of Oschadbank
The Court of Appeals of Kirovohrad region has confirmed the decision of the first instance to recover more than $200 million from the former top managers and owners of Creative Group, Maksym Berezkin and Yuriy Davydov, in favor of state-controlled Oschadbank.
According to a press release from the financial institution, the court issued the relevant ruling on November 20, 2017.
"Despite the defendants' attempts to recognize their obligations under the guarantees as terminated, the court of first instance, which the court of appeals agreed to, following a lawful and consistent position, accepted the side of Oschadbank and denied the satisfaction of the counterclaim. After the appeal, the decision of the first instance court entered into force and will be transferred for enforcement," the document reads.
As reported, the Kirovsky District Court of Kirovohrad in August 2016 decided to fully satisfy the claim of Oschadbank against former top managers and owners of Creative Group Maksym Berezkin and Yuriy Davydov, who are guarantors for the company's debts, in the amount of more than $180 million, EUR12 million and UAH 117 million.