PRESS RELEASE: IBRC lawyers convinced: Univermag 'Ukraina' is being prepared for bankruptcy

Kyiv, December 22, 2011. Last night the Kyiv City Commercial Court held a hearing in the case No. 35/465 filed by the company Lyndhurst Development Trading S.A. against the shopping mall "Ukraina" for the payment of 45.2 million U.S. dollars. The lawyers of state-owned bank IBRC are convinced that this might be the first step towards the premeditated bankruptcy of the Mall. On the same day, the Kyiv City Commercial Court deliberated three other cases involving the shopping mall "Ukraina." The court hearing in the case No35/465 was attended by the representatives of the Mall, authorized by the acting director Rostislav Levinzon, as well as the representatives of the plaintiff, IBRC and majority shareholder, Quinn Holdings Sweden AB (QHS). The court also allowed the participation in the hearing of the person, who submitted to the court a nullified power of attorney issued by the dismissed director of the Mall. "It is unclear whether any debt exists, whether there is any evidence of its existence. The judge Litvinova M.E. did not give the opportunity to examine the materials of the case neither to us, nor to the representatives of the Mall authorized by Rostislav Levinzon. Moreover, the manner of the hearing seemed rather hasty, yet at the same time the judge allowed the representative of the dismissed management of the mall to submit a written acceptance of all the claims, signed by none other than the currently dismissed director. We are not surprised that the next hearing is already scheduled for the next Friday. If the claims are allowed this Friday, it will be, perhaps, the fastest court judgment concerning the payment of such a considerable sum ever", commented the situation Dmytro Marchukov, the representative of the "Magisters" Attorneys Association, who at the hearing represented the interests of IBRC. Notably, the court turned down IBRC’s and QHS’ applications to be admitted to the hearing as third parties. "It was interesting to learn, that the interests of the claimant in this case have been represented by the same counsel, who earlier filed a lawsuit on behalf of the Mall’s minority shareholder without their consent, knowledge or authority. It is obvious, that different parts of the plan to overtake the control of the Mall are being executed by the members of the same team", said the representative of QHS. Overall, the Kyiv City Commercial Court has heard that day four cases involving the shopping mall "Ukraina." In addition to the case concerning the recovery of the debt by the foreign company Lyndhurst Development Trading S.A., the court deliberated the case involving the law firm "Yurbizneskonsalting” and two claims of a minority shareholder. The lawsuit of the law firm "Yurbizneskonsalting" against the Quinn Holdings Sweden AB (QHS) concerning the recovery of a debt for the provided legal services for the amount of almost UAH 1.8 million was lodged earlier in April 2011. As a result of the remedial order in this case, all QHS’ shares of the public company "Univermag "Ukraina", the market value of which constitutes tens of millions of U.S. dollars, have been attached. The lawsuits of the minority shareholder concern his request to nullify the decisions of the general meetings of the shareholders of the Mall. On the basis of these applications the court issued orders, prohibiting the amendment of the Unified State Registry of Companies and Private Entrepreneurs in accordance with the decisions, adopted by the general meeting of the shareholders of the Mall held on November 7 and November 28, 2011. IBRC (Irish Bank Resolution Corporation) is a financial institution that is fully owned by the Republic of Ireland and thus, indirectly, by all Irish taxpayers. Prior to a name change on October 14, 2011, IBRC was known as the Anglo Irish Bank Corporation Limited. Founded in 1964 in Dublin, the company continues to have its headquarters there today, with offices in other cities in Ireland and Great Britain. At the moment, the Bank is being forced to actively assert its rights and lawful interests in the suits that have been initiated very recently in the Commercial Court of the City of Kyiv with the purpose of removing encumbrances on assets that have been placed under lien in the Bank’s favor. 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+38 (044) 492-75-99 or os@cfc.com.ua
The press release has been issued on commercial terms. The Interfax-Ukraine News Agency is not responsible for its contents.