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UniCredit Bank turns to the prosecutor general's office to protect its rights as foreign investor


Kyiv, 18 March. UniCredit Bank, a member of international UniCredit Group turns to the Prosecutor General of Ukraine Viktor Shokin, heads of law enforcement authorities and the legal system with a request to pay attention to the situation that has developed around borrowers avoiding responsibility for failure to perform their obligations under the loan agreements. Failure to protect the legal creditors’ rights may result in significant deterioration of the investment attractiveness of Ukraine, which is particularly unacceptable in the current time of financial uncertainty.

Flagrant example of disregard for creditor’s rights is the current situation of relations of UniCredit Bank and JSC Technological Agrarian Company United (TACU, Dmitry Kolesnik as beneficiary).

  • In October 2012 the bank and the company have contracted to provide revolving credit tranche # 06.10-15/11. Loan term - until October 2015. Loan objectives – replenishment of working assets for production expenses during sowing campaign. During the loan period the bank granted the borrower funds totaling about USD 39 million. The borrower ceased to perform its obligations, because of financial difficulties, and guaranteed their fulfilment in the fall after harvesting. However, these promises have not been fulfilled.
  • In December 2014, the bank appealed to the debtor demanding the early repayment of the loan. TACU started to strongly oppose the loan repayment instead. As of March 1, 2015 the company's debt to the bank is of more than USD 20 million.
  • In December 2014 - January 2015 UniCredit Bank initiated a series of lawsuits concerning debt collection under the loan agreement. In particular, foreclosure of mortgage property of guarantors was initiated in Kyiv Economic Court (office premises of Incon LLC), collection of debt of guarantors Tatiana Kolesnik (sister of majority shareholder, Kiev Svyatoshinsky District Court of Kyiv region) and Dmitry Kolesnik (Pechersk District Court in Kyiv) and the enforcement of proceedings to recover the debt under the loan agreement and reclaiming the transport and equipment of TACU (collateral of the bank).
  • At the same time the debtor and its guarantor are by different ways evading their obligations and committing obstacles in the bank’s realization of its right to meet the requirements for the loan. In particular, they have changed the location of companies (TACU and Incon) and their management, initiated legal proceedings for the recovery of these debts to third parties for possible future bankruptcy. In addition, according to the bank’s information, without the bank’s consent they are renewing land leases, on which crop mortgage has been grown (including soy and corn harvest in the village councils of Boryspil, Fastiv and Skvir district of Kyiv region) on Agricultural Technology System associated company (new tenant for which it is impossible to impose a penalty on harvest), as well as preventing state enforcement officers to conduct enforcement proceedings.
  • According to elevators’ reports, which should store the crop of PJSC TACU, collateral of UniCredit Bank, the specified harvest is missing.
  • In its turn the courts hearing cases involving bank are unreasonably delaying their consideration by appointing examination for up to 6 months, during which the lender cannot act to collect.
  • Special attention is drawn to the issue initiated in Kyiv Economic Court upon the claims of TACU on invalidation of executory endorsement on collecting the collateral equipment and transport. According to the bank’s information, the debtor had filed about 15 similar claims to determine judge acceptable to them for consideration of the case. Only 3 out of all the submitted claims were taken by the same judge. These circumstances question the impartiality of the judge.

UniCredit Bank has every reason to believe that the situation around failure of this and many other debtors to fulfil obligations under the loan agreements by means of fraudulent schemes and use of judicial system have negative impact on investment climate in Ukraine. In times of financial crisis and economic downturn laissez faire of dishonest and unfair business practice, especially for foreign investors who despite the unfavorable circumstances continue to invest in the Ukrainian economy, is unacceptable. So we turn to the Prosecutor General of Ukraine Viktor Shokin and heads of law enforcement authorities and the judiciary with a request to pay attention to the situation that has developed around borrowers avoiding responsibility for failure to perform their obligations under the loan agreements.



Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.

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