Court arrests Zhevaho’s assets to secure claim of Deposit Guarantee Fund for UAH 46 bln, including Ferrexpo’s Poltava GOK

The Kyiv Economic Court at the request of the Deposit Guarantee Fund has seized the assets of owner of JSC Finance and Credit Bank Kostiantyn Zhevaho as part of securing a claim for damages by the bank and its creditors in the amount of almost UAH 46 billion.

According to the fund's press release, the corresponding decision was made by the Kyiv Economic Court on the application of the fund to secure the claim.

At the same time, it is clarified that, when making this decision, the court took into account the confirmation provided by the fund that the defendant for a long time tried in various ways to hide the fact of ownership of property belonging to him, due to which the claims of the fund against Zhevaho could be satisfied in the future.

At the same time, it is indicated that, in accordance with Article 52 of the law on the system of guaranteeing deposits of individuals, the managers, owners of a significant participation and the ultimate beneficial owners of an insolvent bank or a bank in respect of which a decision has been made to revoke a banking license and liquidate it, are obliged to provide the fund with its request information about all their property (assets) and liabilities. However, Zhevaho did not comply with this requirement.

As a result, the court seized part of the corporate rights in the amount of 50.3% of the charter capital of three enterprises: PJSC Poltava GOK, Yeristovo GOK and Belanovo GOK, which are indirectly owned by Kostiantyn Zhevaho through Ferrexpo AG, according to a press release.

In addition, the court prohibited other companies associated with it from alienating these assets.

"This decision is another step to protect the interests of the creditors of Finance and Credit Bank," said Viktor Novikov, the deputy managing director of the fund.

According to him, now the fund's claim against the owner of the bank is in the first instance in Ukrainian jurisdiction, and it is extremely important that during the consideration of this case, the assets are preserved in full and can subsequently be used to compensate for the damage caused to the bank's creditors.

Source: www.en.interfax.com.ua