The National Bank of Ukraine (NBU) concluded an agreement on the sale of the mortgaged property of the Bilotserkivska combined heat and power plant (CHPP) to the Bilotserkivska municipal territorial community.
This is stated in the message of the NBU, Ukrainian News Agency reports.
The price of the transaction was UAH 298,562,956.00, on December 4, the funds were transferred to the NBU account.
The sale of an important object of energy infrastructure to the Bilotserkivska territorial community will contribute to ensuring its proper functioning in the interests of the citizens during the heating season, as well as to the faster restoration of all generating capacities, in particular through international support mechanisms.
Previously, the National Bank received appeals from the Cabinet of Ministers of Ukraine, the Ministry of Economy of Ukraine, the Kyiv Regional Military Administration and the Belotserkivska City Council of the Kyiv Region with a request to sell the property of the Bilotserkivska combined heat and power plant PrJSC mortgaged to the National Bank to the community of Bila Tserkva.
Taking into account the social importance of providing thermal energy to the housing stock and infrastructure facilities of Bila Tserkva, the board of the NBU approved the relevant decision in August 2023.
At the same time, the company Mulready Ventures Limited, which is one of the shareholders of PrJSC Bilotserkivska combined heat and power plant and which is associated with Kostiantyn Zhevaho, applied to the Economic Court of the city of Kyiv with a statement to secure a lawsuit to block the sale.
On October 3, 2023, the Economic Court of the city of Kyiv partially satisfied this application and forbade the Bilotserkivska City Council and its bodies to take actions regarding the acquisition of the property of the CHPP.
Disagreeing with the court's decision to secure the claim, the National Bank appealed it in the court of appeals on October 6, 2023.
On November 21, 2023, the Pivnichnyi Economic Court of Appeal satisfied the appeal of the National Bank and canceled the decision to secure the claim.
Consequently, the court canceled the restrictions on the possibility of the Bilotserkivska City Council acquiring immovable and movable property of the Bilotserkivska CHPP.
The decision to sign the agreement on the sale of the Bilotserkivska combined heat and power plant PrJSC to the territorial community of Bila Tserkva was approved by the decision of the NBU board on November 28, 2023.
The relevant agreement was signed on November 30, 2023, and the assets were transferred to the new owner on December 6, 2023.
We would like to remind that the mortgaged property of Bilotserkivska combined heat and power plant was levied by the National Bank in order to pay off the debt of JSC Bank Finance and Credit under a refinancing loan by sale based on Article 38 of the Law of Ukraine "On Mortgages".
The implementation of such a right by the National Bank as a mortgagee took place according to a clear procedure and sequence defined by the mortgage contract and the Law of Ukraine "On Mortgages", which also corresponds to the main purpose of the security - meeting the requirements of the mortgagee.
Its price is determined by an independent subject of evaluation activities of the European Consulting and Evaluation Center LLC.
The reports on the valuation of the mortgaged property of the CHPP are confirmed by positive reviews of the expert council of the self-regulatory organization of appraisers of the NGO All-Ukrainian Union of Land Appraisers and the State Property Fund of Ukraine.
As Ukrainian News Agency earlier reported, in 2015, the Bank Finance and Credit attracted the refinancing of the National Bank under the pledge of real and movable property of PrJSC Bilotserkivska combined heat and power plant.
Since the bank did not fulfill its obligations under the loan, in 2016 the National Bank applied to the court with the aim of foreclosing on the mortgaged property through its forced sale within the framework of the enforcement proceedings. Currently, the court proceedings are ongoing, but there is no court decision that has entered into legal force.
Today, the total balance of the debt of the bank Finance and Credit to the National Bank for refinancing loans is UAH 5.9 billion.
On September 17, 2015, the National Bank of Ukraine decided to classify the bank Finance and Credit as insolvent.
At the time of this decision, the shareholder of the bank was Kostiantyn Zhevaho, who indirectly owned a share of 97.67% of the shares.
The process of selling the assets of Kostiantyn Zhevaho's companies continues. The property of Bilotserkivska CHPP is one of the first large assets of the debtors to be sold.
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