The Court of Appeal confirmed the guarantee obligations for UAH 4.7 billion of the Poltava Mining and Processing Plant (Horishni Plavni, Poltava Region), which is part of the Ferrexpo group of businessman Kostiantyn Zhevaho, for loans from the Finance and Credit bank.
This is stated in the message of Ferrexpo, Ukrainian News Agency reports.
"The Ukrainian Court of Appeal confirmed the lawsuit against Poltava GOK in the amount of UAH 4,727 million (approximately USD 125 million). Poltava GOK will appeal to the Supreme Court of Ukraine," the message reads.
According to the report, on December 7, 2022, the combine received a lawsuit for the amount of UAH 4,727 million regarding disputed guarantees.
"The plaintiff claims that he acquired rights under certain credit agreements. The plaintiff also claims that Poltava GOK provided sureties to ensure the fulfillment of these obligations. On August 9, 2023, the court of first instance ruled in favor of the plaintiff. Poltava GOK filed an appeal, but the appellate court confirmed the lawsuit. The group continues to believe that Poltava GOK has a compelling case to defend its position in the Supreme Court," the statement said.
As Ukrainian News Agency earlier reported, the Bila Tserkva City Council bought back the Bila Tserkva thermal power plant, which the NBU took from Zhevaho for debts, for UAH 298.6 million.
The National Bank became the owner of Bila Tserkva TPP thanks to the decision of the Economic Court of the Kyiv Region.
In particular, in May 2023, the court satisfied the NBU's claim for foreclosure on the single property complex of Bila Tserkva TPP pledged to the National Bank.
This company was a property guarantor for the obligations of the Finance and Credit bank to the NBU for refinancing loans.
On September 17, 2015, the National Bank decided to classify the Finance and Credit bank as insolvent.
At the time of this decision, the shareholder of the bank was Zhevaho, who indirectly owned 97.67% of the shares.
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