PRESS RELEASE:Decision of the Ukrainian First Vice-Premier Klyuev fails to save Ukraine department store from a raider seizure
Kyiv, February 10, 2012. The Kyiv City Commercial Appeals Court yesterday, on February 9, 2012, endorsed a judgment of the Kyiv City Commercial Court on the recovery of a debt of $45.2m from the Ukraina department store in favor of Lyndhurst Development Trading S.A. The decision of the court of first instance was taken despite a claim under oath by a signatory, Mr. Peter Darragh Quinn, that his signature on the debt assignment was forged. The panel of three judges, consisting of O. M. Gavryliuk, N. M. Korshun and V. V. Kuksov, denied the appeals of all the interested parties, confirming the validity of the decision of the court of first instance. Most notably, the court announced its decision only a few hours after the case of the Ukraina shopping mall was officially recognized as a raiding attack at a meeting of the Interdepartmental Commission on questions of countering illegal mergers and seizures of companies, which is headed by Ukraine's First Vice Prime-Minister Andriy Klyuev. An official spokesman for the state-owned Irish Bank Resolution Corporation said: "IBRC is shocked with yesterday's decision of the Kyiv City Commercial Appeals Court to dismiss the appeals lodged by IBRC and others against the ruling given by the Kiev Commercial Court in favour of Lyndhurst on December 23, 2011. The bank will consider yesterday's judgment in detail and, in conjunction with its solicitors and Ukrainian counsel, will consider its next steps. IBRC will continue to seek to protect the assets over which it holds legal security in Ukraine." IBRC 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 Britain. At the moment, the bank is being forced to actively assert its rights and lawful interests in suits that were initiated very recently in the Commercial Court of the City of Kyiv for the purpose of removing encumbrances on assets that have been placed under lien in the bank’s favour. For additional information, contact: Oleksiy Syvak, Senior Advisor, CFC Consulting +38(044) 492-75-99 or os@cfc.com.ua This press release has been issued on commercial terms. The Interfax-Ukraine News Agency is not responsible for its contents.