Politics 2021-09-15T05:34:33+03:00
Ukrainian news
Supreme Court Obliges Southern Mining Factory To Pay UAH 1.3 Billion In Unpaid Dividends To Kolomoiskyi-Contro

Supreme Court Obliges Southern Mining Factory To Pay UAH 1.3 Billion In Unpaid Dividends To Kolomoiskyi-Controlled Spirit Finance

PrivatBank, supreme court, Ihor Kolomoiskyi, dividends, Southern Mining Factory, Spirit Finance

The Supreme Court has obliged Kryvyi Rih-based Southern Mining Factory (Dnipropetrovsk region) to pay UAH 1.3 billion in unpaid dividends to businessman Ihor Kolomoiskyi-controlled Spirit Finance.

This follows from court records, Ukrainian News Agency reports.

According to the report, in September 2017, the general stockholders' meeting at the Factory decided to pay dividends worth UAH 16.16 billion (UAH 10.16 per ordinary share).

At the same time, within the legal period the dividends were not paid to Меlсhеtt Іnvest Limited (the Bahamas), Вrіmmltоn Lіmіted (the British Virgin Islands), Мilnerbay S.A. (the British Virgin Islands), Duxston Holdings LImited (the Republic of Cyprus), Lucrino Investments Limited (the Republic of Cyprus), and Renalda Investments Limited (the Republic of Cyprus).

In May 2018, the stockholders ceded under a factoring agreement the right of claim to the Spirit Finance company, which submitted a lawsuit to the court.

The defendant denied the lawsuit and noted that the right to obtain a part of the profit of the joint-stock company was attached only to stockholders of such a company, and the obligation to pay dividends should be realized by its stockholders only, not by any person not being a successor of such a company.

At the same time, the factoring agreements, according to the defendant, contradict the interests of the state and the society, and states that they are signed to evade taxes and hold financial monitoring of the said transaction.

According to some media reports, the Spirit Finance company is controlled by businessman Ihor Kolomoiskyi and other former owners of PrivatBank.

As Ukrainian News Agency earlier reported, in 2018, the Southern Mining Factory cut the production of concentrate by 0.2% or 22,900 tons year over year to 12,246,900 tons.