10:56 28.09.2020

Ukrzaliznytsia loses appeal regarding Donetsk Railway' debt repayment obligation to Sberbank

2 min read
Ukrzaliznytsia loses appeal regarding Donetsk Railway' debt repayment obligation to Sberbank

The Skhidny (Eastern) Court of Appeal upheld decision No. 910/22858/17 of the Business Court of Donetsk region dated July 27, 2020 on the obligation of Ukrzaliznytsia, as the legal successor of Donetsk Railway, to pay a debt of $68 million.

"The appeal of the Joint Stock Company Ukrzaliznytsia shall be left unsatisfied. The decision of the Business Court of Donetsk region dated July 27, 2020 in case No. 910/22858/17 is left unchanged," the court said in the text of the ruling promulgated on September 17 in the unified public register of court rulings.

As reported, Ukrzaliznytsia said that the decision of the Grand Chamber of the Supreme Court on the succession of the debts of state-owned enterprises of the railway industry, in particular SOE Donetsk Railway, by Ukrzaliznytsia threatens national security and the economy of Ukraine.

According to the Ukrzaliznytsia, now in the territories of Luhansk and Donetsk regions temporarily beyond the control of Ukraine there are more than 20,000 Ukrzaliznytsia's freight cars, almost 6,000 cars of other owners, almost 6,000 passenger cars and more than 300 locomotives

According to rough estimates, the amount of financial obligations of Donetsk Railway to creditors exceeds UAH 6.5 billion, including enterprises owned by the entities which are residents of the Russian Federation, in particular, Sberbank in the amount of UAH 3.5 billion, VTB Bank in the amount of UAH 1.2 billion, and others.

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