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Constructive history of “Bank-Alliance-Borrowers” relationships or why innocent people should suffer and how to cope with it

24.04.2013

Crisis has increased the quantity of unsuccessful credit stories, especially those related to construction. This is of no wonder, as construction is one of the most profitable activities. At least was… before the crisis. But for somebody it still is. Or how could one explain that in the same time when people stay homeless, the representative of a building company junkets Maybach, lives at high rate and simultaneously denies paying off his debts to the bank in order to continue construction? Let’s investigate this story from the very beginning to find out what is wrong in it, who is guilty and what are the ways to solve the issue.

The story goes back to 2008, when between the bank and CJSC “Alliance-Vistobud” and CJSC “Alliance-Zhylstroy” two general cooperation agreements were made. According to the agreements the bank was obliged to buy bonds of the enterprises for the total sum of around UAH 55 millions. The ownership rights for the buildings, constructed by CJSC Alliance-Vistobud and CJSC Alliance-Zhylstroy, were pledged to the bank as collateral.

Borys Tymonkin, CEO of PJSC “Ukrsotsbank”: “The constructor, CJSC Alliance, represented by its manager and owner – Sergiy Kononov, took a loan in our bank under pledged apartments in a number of buildings. And even not under apartments, they hadn’t been built yet, but under ownership rights for these apartments. He took around UAH 63 millions together with bonds. For today it amounts to around 100 millions including interests. Despite the fact that they were pledged, he easily sold these apartments to people".

Also in 2007-2008 between the bank and CJSC Alliance-Vistobud and CJSC Alliance-Zhylstroy a number of credit agreements for the total sum of more than USD 11 million were concluded. As collateral the bank received ownership rights for the apartments in the buildings, which were under construction by CJSC Alliance-Vistobud and CJSC Alliance-Zhylstroy as well as UAH deposits. The representatives of borrowers claim that the loans were “technical”. At the same time, taking into account the differences in exchange rates and the difference in rates (USD loan rate was 12% and UAH deposit rate was 15%), after attracting so called technical loans the borrowers sould have received significant income. But it did not happen, as in 2008 the USD rate grew dramatically.

In any case, ownership rights for the apartments in the buildings, constructed by CJSC Alliance-Vistobud and CJSC Alliance-Zhylstroy, were transferred to the bank mortgage and the borrowers could dispose them only upon the bank’s consent. As it turned out lately, the representatives of Alliance sold pledged apartments to individuals without the bank’s consent and suspended construction was transferred to the Department of capital construction. De-facto Alliance sold those apartments, which they had no rights to sell, as they were under bank’s mortgage.

The banker loses his temper: “I understand these people very well. They bought these apartments and then got into a problem of suspended construction. Lots of them took loans in our bank or in other banks. Then the crisis happened and the buildings remained suspended. Those people did the right thing, they act togather. They also appealed to us: let’s solve somehow the issue".

These people can be understood, as this is not the first time when innocent turn into main victims of similar frauds. But it’s worth understanding that this is an adjusted scheme, which cannot be solved by a magic wand or by simply unpledging the apartments. The problem should be solved more reasonably. "It is logical to demand Kononov to be imprisoned for illegal actions. This would be an official reason for claiming the company bankrupt, and for us to write everything off, return and forget. The other variant is that Kononov should participate and return at least the half of the loan. We will write off the commissions, penalties – everything. Probably we could choose one of buildings and transfer the pledge from one building to another. We are ready to negotiate the options. The only language unacceptable for us is the language of ultimatum. This does not suit us at all", - said the CEO.

To the date there haven’t been any reasonable propositions from Alliance. However Kononov spreads to everybody that he is ready to return UAH 37 million to the bank, but nobody has appealed to the bank with such a proposition officially and has returned nothing. The bank is under claim-related work concerning debt recovery and also seeks for ways to optimize individuals’ losses by means of other assets of the borrower, etc.

Borys Tymonkin: “I would recommend people to arrange pickets not in front of the bank, but in front of Prosecutor’s office or investigation bodies, that deal with this case. Although we do not have any claims to them so far. The case has been started, they cope with it, we submit all the necessary documents, we cooperate. But my recommendation concerns more the social sounding; in this case it can really help".

Probably in the case, when there are three parts, involved to a conflict, and two of them want to solve it, find a compromise, make some steps forward, sometimes emotionally, but taking into account that such situations often happens in our country and the majority of cases are not solved, such emotions can be understood, so probably the guilty ones should not be look for among these two parts…

You are welcome to view the related video with CEO of PJSC “Ukrsotsbank”, Tymonkin B.V., following the link.

 

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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