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On how capital developer “ISA Prime” with annual income equal to 25 mln. dollars got into the list of the malicious nonpayers of PJSC “Ukrsotsbank”

23.04.2012

April 23,
Kyiv.

The history of relations between "ISA Prime Development" the group of companies and PJSC “Ukrsotsbank” have been running since 2005. During 2005-2007 PJSC “Ukrsotsbank” had been concluding several credit agreements with «Corporation Ukrzhylbud" CJSC, "YuAyPi LTD" LLC, "Joint Venture En-Es-Ay Construction"CJSC, "Isa Prime Developments" CJSC, "Strizh-Invest" LLC. Contracts funding was carried out both in UAH and USD.

PJSC “Ukrsotsbank” granted around USD 190 million in total. A number of land plots, real estate and objects under construction were transferred to security loans. There were no particular problems in relations between the Bank and the enterprise before the crisis.

Since 2009 the company has stopped to manage loans properly and to pay charged interests in full. Within the time of companies’ relationships and even after some problems had emerged, PJSC “Ukrsotsbank” didn’t stopped working with them and considered the prospects of further cooperation and financing of the ISA group of companies projects.

At the same time trying to solve the problem of servicing of already issued loans, PJSC “Ukrsotsbank” provided the companies with the delay in the payment of overdue interest and in repayment in 2010. However, companies haven’t started to service their credits.

Within the whole period since the beginning of the delay the Bankhasn’t stopped the attempts to resolve the debt. The negotiations had been lasting for more than two years. That time PJSC “Ukrsotsbank” hadn’t been trying to force the repayment. The negotiations period was used by "ISA Prime" management tore lease real estate objects from the pledge but not to settle the debt situation.

Thus, under the decision of Goloseevskiy District Court in Kyiv the owners of the land on Gorkogo and Zhilyanskaya streets, that were under loans’ security, have been changed and the contracts under which the land was transferred to the mortgage of the Bank have been declared invalid. Based on the decision of the Economic Court of Kyiv the ownership right of the house on the Naberegno-Kreschatitskaya street that was under the pledge belonged to Alexander Bashenko, the Head of "ISA Prime". In addition, the decision of the Economic Court of Kyiv recognized that the right of ownership for another property, which was also collateral and belonged to "Project-A"LLC. That is an office center on Amosova street. Later "Project-A" LLC has conveyed this office center under the pledge to PJSC "Fineksbank".

PJSC “Ukrsotsbank” had to turn with the appropriate claim to the law-enforcement authorities. Main Investigation Directorate of Internal Affairs of Ukraine opened a criminal case upon the property theft. The investigation is currently ongoing.

Despite all attempts of the borrower to release the real estate from the pledge, PJSC “Ukrsotsbank” continued the negotiations and offered the debtors unique as for Ukraine conditions of debt restructuring. The conditions provided not just an extremely low rate for the credit use, but also a significant prolongation of the maturity term –for almost 30 years. These unique conditions have been confirmed by the Memorandum of Mutual Understanding that was signed by the Head of "ISA Prime" Alexander Bashenko and the management of PJSC “Ukrsotsbank” in autumn 2011. However Bashenko A. hasn’t fulfilled the conditions of the Memorandum and refused to sign agreements concerning the amendments to the loan contracts, which would fix the favorable conditions of credit service. Thus the credits still have not been settled.

Irrefutable evidence of pledge manipulation by the borrower:

- The decision of the Economic Court of Kyiv under case number 9/25 as of 30.03.2010 according to which the ownership right of the building on the 9 Naberegna-Kreschatitskaya, Str. was recognized under Alexander Bashenko entrepreneur.
- The decision of the Economic Court of Kyiv under case number 2/349as of 24.12.2009 according to which the ownership right of the office center at the address: Kyiv, 12 Amosova, Str., was recognized under "Project-A"LLC.
- The decision of the Holoseevskiy District Court of Kyiv under case number 2-6380/10as of 28.09.2010 according to which the contracts have been declared invalid, under which the land plots located at: Kyiv, 47ZhilyanskaStr.,were transferred to the pledge of the Bank and were obliged to return to "Renaissance Real Estate" LLC.
- The decision of the Holoseevskiy District Court of Kyiv under case number 2-5819/10as of 11.08.2010 according to which the contracts have been declared invalid, under which the land plots located at: Kyiv, 51 Gorkogo Str., were transferred to the pledge of the Bank and were obliged to return to "Etreks" LLC.

All decisions of the courts officially published in the Unified State Register of the court decisions.

According to Forbes magazine "Isa Prime Development" profitability accounts for 25 million dollars a year. According to PJSC “Ukrsotsbank experts, such index allows the borrower to be both profitable and serve the obtained loans in PJSC “Ukrsotsbank”. Does this situation come to any logic conclusion when one of the most profitable companies in Ukraine found itself in the list of malicious nonpayers of PJSC “Ukrsotsbank”?

NOTE

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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