PRESS RELEASE: Ukraina mall majority shareholder appeals to PM Azarov for support

Kyiv, November 24, 2011. Robert Dix, the representative of the majority shareholder of the shopping mall Ukraine, the Swedish company Quinn Holdings Sweden AB (QHS), which owns a 92.75% stake in the company, has addressed an open letter to the Prime Minister of Ukraine Mykola Azarov. In the letter Mr. Dix appeals to the Prime Minister with a request to take the situation around the Mall, which presents a threat to the majority shareholder's property, under his personal control. "We, the Swedish company Quinn Holdings Sweden AB, are currently locked in a fight to retain control of this enterprise, of which we own almost 93% of the shares. But taking into account the circumstances of our case, we have all of the grounds to assume that we are in danger of being deprived of our property," reads the open letter. The letter noted that in April of the current year an unfounded lawsuit was brought against Quinn Holdings Sweden AB, which resulted in the attachment of all shares of the shopping mall "Ukraina," owned by the abovementioned foreign company. The market value of the shares in question amounts to tens of millions of U.S. dollars. Moreover, an additional lawsuit was filed against Irish Bank Resolution Corporation – an Irish bank, which is owned by the Government of the Republic of Ireland, and which earlier on financed the purchase of the shares of "Ukraina" - the main objective of which is to invalidate the mortgage agreement for the building of the "Ukraina" shopping mall. Mr. Dix stressed that as a result of a series of unlawful activities on the part of the former management of the Mall and other persons, numerous obstacles that make it impossible for the owners of almost 93% of the shares of the "Ukraina" shopping mall to exercise their lawful rights have been, and continue to be, created. Despite having the status of the majority shareholder, Quinn Holdings Sweden AB has been literally stripped off of its power to control the running of the enterprise. Dix drew the prime minister's attention to the fact that this issue has received extensive media coverage in Ireland, including on the premier Irish state television channel. It is also receiving international media coverage. This week the matter was featured in the Financial Times. "The situation has almost reached a point beyond which the shareholders of "Ukraina" shopping mall risk losing control over the enterprise irrevocably. Our efforts to protect our rights and our property continue to be obstructed by outrageously crude actions, which systemically violate the law. With the support of the Irish bank Irish Bank Resolution Corporation, which is today state-owned, we have invested considerable financial resources into the shares of the Mall. We assumed all the risks and responsibilities for the shopping mall "Ukraina", became an example of the growing trust of foreign investors in doing business in Ukraine. Tomorrow we could lose everything. We appeal to you, Mr. prime minister, with a request to take this matter under your personal control," he added. You can find the full text of the open letter at: www.univermagukraina.com Quinn Holdings Sweden AB was founded in 2005 and is headquartered in Stockholm. Quinn Holdings Sweden AB (QHS) is the majority shareholder of PAT Univermag Ukraine, a publicly held company in Kyiv, Ukraine. Currently QHS holds nearly 93% of the company's stock. For additional information, contact: Oleksiy Syvak, Senior Advisor, CFC Consulting (+38044) 492-7599 or [email protected]
The press release has been issued on commercial terms. The Interfax-Ukraine News Agency is not responsible for its contents.