Economic Court of Dnipropetrovsk region satisfies requirements of First Ukrainian International Bank's lawsuit against Eximagrokom

The Economic Court of Dnipropetrovsk region has satisfied the requirements of First Ukrainian International Bank's (FUIB) lawsuit against the borrower Eximagrokom to recover the debt in the amount of UAH 36.5 million on the loan agreement dated July 18, 2014. "In this case, our opponent is a group of companies which is controlled by Petro Hryhorovych Voloshyn. The group includes about ten companies that have business throughout the territory of Ukraine. The group has been our borrower since 2011. At present the company represented by Mr. Voloshyn is trying to evade its obligations to the bank. In other words, they refuse to return the debt, while not hesitating to use dirty methods such as manipulation with the facts, the use of shadow schemes and attempts to publicly denigrate the bank," FUIB Deputy Chairman of Board Kostiantyn Shkoliarenko said. According to him, the total debt of all companies belonging to the group equals around UAH 500 million in equivalent. This debt is a multi-currency debt, both in the hryvnia and dollars. "It is very easy to establish the fact that it is precisely a group of companies. The court has already found that these companies are related. We have documents where they act as guarantors of each other. Also at the beginning of our cooperation Petro Voloshyn signed a protocol, where he revealed himself as the ultimate owner of the previously mentioned group of companies. With respect to our contractual framework, all contracts contain cross-guarantees (the company guaranteed for each other), and clauses about cross-default. This means that if a company ceases to pay the bank, then the automatic default is declared for all other companies," continues Shkoliarenko. FUIB began to lend to the group of companies of Petro Voloshyn in 2011. Initially, the bank granted a loan secured by one of Petro Voloshyn's assets - Novovolynsk Oil and Fat Plant (NOFP). "Voloshyn took this money for refilling the working capital and partly for investments. He secretly from the bank started to build a new oil extraction plant in Chuhuiv in Kharkiv region, where he brought the working capital, which the bank gave to NOFP. After some time, Voloshyn said that NOFP cannot pay the debts because all the money was spent on construction of the plant in Chuhuiv. At the same time, he offered the plant in Chuhuiv as collateral property and asked for another loan to complete the construction of this plant. The bank issued the required amount and this all during the hot phase of the ATO, when the market was in panic and access to financial resources was very limited. Despite this, we met the needs of the client. From last summer Voloshyn stopped paying on the loan," Shkoliarenko said. According to him, Petro Voloshyn pledged to provide 5,000 square meters of the new plant in Chuhuiv as collateral to the bank. The bank possesses as collateral for the loan the corporate rights of the owning company of the plant in Chuhuiv and the integrated property complex of NOFP, as well as a personal guarantee of Petro Voloshyn. The official position of FUIB on the case was voiced in an interview with the Ukrainian News agency. Reference First Ukrainian International Bank (FUIB) is included in the group of the largest banks of Ukraine, and is a universal bank, whose activities are focused on commercial, retail and investment banking operations. The Bank was founded in 1991. The main shareholder of the bank is the LLC "SCM Finance" (92.24% of the capital stock), part of the SCM Group. Ukrainian regional network of FUIB includes 157 outlets. The Bank provides services for 2.6 million private clients and more than 30 thousand corporate clients. FUIB is a member of the united ATM network "Radius", which, together with partner banks, includes more than 2,600 ATMs throughout Ukraine. FUIB website: www.pumb.ua. Join bank communities in social networks: www.pumb.ua/sm