2023-02-28T19:44:00+02:00 Politics 2024-05-15T05:09:52+03:00

Ukrainian news

Court Annuls Decision On Liquidation Of Novopharm With Outstanding UAH 4.3 Billion Debt To PrivatBank

Court Annuls Decision On Liquidation Of Novopharm With Outstanding UAH 4.3 Billion Debt To PrivatBank

The Central Economic Court of Appeal in the city of Dnipro upheld the appeal of PrivatBank and annulled the decision to liquidate the Novopharm legal entity LLC with foreign investments, which has an outstanding debt to the bank of UAH 4.3 billion.

This is stated in the bank's message, Ukrainian News Agency reports.

The case was sent for a new consideration by the court of first instance.

In addition, the court dismissed the proceedings on the appeal of another Novopharm creditor - Tsukorprom LLC, rejected the liquidator's and Tsukorprom LLC's requests to request and attach evidence, and also rejected Volodymyr Yatsenko's application to join the appeals of the bank and Tsukorprom LLC.

The complaint of Tsukorprom LLC and the statement of Volodymyr Yatsenko were submitted after the expiration of the legal deadlines for submission.

A few days before nationalization in 2016, PrivatBank officials decided to grant Novopharm a loan in the amount of UAH 3.2 billion to restructure the company's debt to the bank, despite the fact that in December 2015, the NBU commission recognized Novopharm as a person associated with PrivatBank.

In October 2020, the Economic Court of the Dnipropetrovsk Region satisfied PrivatBank's claim against Novopharm and its financial guarantor Pointex Sale LLP for debt recovery.

However, already in April 2021, the same court recognized Novopharm as bankrupt, and in July 2022, it liquidated the legal entity Novopharm without repaying the debt to PrivatBank "due to the insufficiency of the bankrupt's property", against which PrivatBank filed an appeal.

As Ukrainian News Agency earlier reported, the Grand Chamber of the Supreme Court on Wednesday, February 15, made a decision that makes it impossible to return PrivatBank, which was nationalized in 2016, to its former owners.