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NBU Appeals Against Illegal Actions of the State Registrar for the Unpledging of the Borivazh Grain Terminal

12 February 2019

Press Release

 

On 7 February 2019, the National Bank of Ukraine (NBU) received the information that on 31 January 2019  a state registrar illegally released from the right of claim and terminated the mortgage agreement, the subject of which is the sea transshipment and warehouse complex of grain cargoes, the terminal of which is located in Odesa oblast (Borivazh terminal).

 

The registrar of the Public Enterprise Registration Services Agency adopted such decision on the basis of the rulings of a court of the first instance and a court of appeal, although the said rulings were revoked by the Supreme Court in the summer of 2018.

 

The said real estate was transferred to the NBU as mortgage in December 2014 by the company Agroterminal Logistic, related to the former owners of PrivatBank, as collateral for the refinancing loan granted to the bank.

 

Since September 2017, Agroterminal Logistic has been trying to appeal against the mortgage agreement in court and terminate it, not willing to fulfill the obligations as property guarantor. The court of the first instance and court of appeal satisfied the company’s claim. However, on 3 July 2018, the Supreme Court satisfied the cassations of the NBU and PrivatBank, actually confirming the validity of the mortgage agreement between the NBU and Agroterminal Logistic. This provided the NBU with additional arguments in a dispute on foreclosure on the collateral - the above mentioned grain terminal. The relevant claim was filed by the NBU in May 2018.

 

“The NBU is upset with the unlawful actions of representatives of Agroterminal Logistic LLC and the state registrar, which may lead to multibillion-dollar losses for the state. On 11 February, the NBU submitted the relevant complaint against the registrar’s actions to the Grievance Commission on State Registration Issues with the Ministry of Justice of Ukraine. The NBU has filed a report to the law enforcement agencies about the crime committed by the state registrar and representatives of Agroterminal Logistic.  The NBU will take all possible measures to restore its violated rights and to prevent the damage to the state,” said Viktor Hryhorchuk, Head of the Office for Claims and Lawsuits of NBU Legal Department.

 

It should be noted that termination of mortgage and restriction to alienate real estate is a direct violation of NBU rights and legitimate interests.

 

 


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Last modification   12.02.2019