Cases
PrivatBank lost lawsuit to 1+1 TV affiliate
The Economic Court of Kiev refused to uphold the claim of PrivatBank to a foreign company, 1+1 Production, on enforcement of a pledge worth EUR 1.6 million (UAH 46.6 million).
According to the case materials, in 2015 PrivatBank provided two guarantees to TV Media Planet Limited, a Cypriot company, for its financial obligations to European football body UEFA (Union of European Football Associations) equal to the sum stated above.
These obligations arose following receipt from UEFA of the TV rights to broadcast matches of European football tournaments by the 1+1 media holding.
According to the terms and provisions set out in these agreements, the guarantees were valid until 20 December 2016.
At the same time, the company 1+1 Production provided property located at Frunze Street 23, Kiev, as collateral for PrivatBank (as collateral for obligations of TV Media Planet Limited under guarantees).
According to PrivatBank, on 19 December 2016, that is, after the introduction of the bank’s provisional administration, it received two demands for payment of
EUR 1.6 million under guarantees from UEFA.
At the same time, the court stated that PrivatBank did not provide evidence that it made payments to UEFA, following which the bank, as the pledger, could have the right of claim to 1+1 Production for obligations of TV Media Planet Limited to PrivatBank.
Moreover, the court noticed that under the signed agreements, the guarantee would expire not later than 20 December 2016.
Since at that time temporary administration was already introduced in the bank, then, according to the court’s conclusions, even in the event of receipt of funds from TV Media Planet Limited, PrivatBank, by virtue of legislative restrictions, should not make payments for the benefit of UEFA.
Ukraine loses energy case in London
The High Court of London rejected the appeal of the Ministry of Justice of Ukraine filed against the decision of international arbitration from 6 February 2017 in the part where it obliged Ukraine to reimburse JKX Oil&Gas (UK) losses in the amount of USD 11.8 million. A reminder that the company suffered losses because of violation of an inter-governmental agreement with the UK on mutual protection of investments on the part of Ukraine.
JKX instigated the lawsuit against Ukraine in mid-February 2015, demanding compensation of more than USD 180 million.
The largest shareholder of JKX Oil&Gas is the Eclairs Group, owned by Igor Kolomoisky and Gennady Bogolyubov, which owns a 27.54% stake. The second largest shareholder of the British company is the Russian Proxima Capital Group, holding a 27.54% stake (it became a shareholder in 2015). Another 13% of shares are held by Neptune Invest & Finance Corp from 2015; a stake of 11.4% has been held by Keyhall Holding since 2016.
Parallel-M lost lawsuit for 1.5 million
The Supreme Economic Court of Ukraine has upheld an appeal by the
Antimonopoly Committee of Ukraine and obliged Parallel-M, owned by Rinat Akhmetov’s SCM, to pay a fine.
It is noted that for commitment of this violation, a fine of UAH 1.438 million was imposed on the company for concerted anticompetitive actions in the retail trade market oil products.
Earlier, the Economic Court of Kiev took the side of OKKO-Nefteprodukt and canceled the fine of UAH 77.881 million for concerted anticompetitive actions in the market imposed by the Antimonopoly Committee.
Hackers stole USD 1 million from Credit Dnipro Bank
Hackers have stolen USD 1 million from Credit Dnipro Bank and converted it into cash in China. This is stated in the statement issued by the Pechersk District Court of Kiev. This hacking attack took place a year and a half ago.
The court materials state that: “In April 2016, a hacker criminal group, consisting of citizens of Russia and Ukraine, through distribution of malicious software in the information system of Credit Dnipro Bank, created the unauthorized payment document for the transfer of USD 950,800 into the account of FAR SIGHT INTERNATIONAL LTD in the Chinese bank SHANGHAI PUDONG DEVELOPMENT BANK 12 ZHONG SHAN DONG YI LU SHANGHAI”.
The document also notes that the criminal group members acted with the accessory of citizens of Ukraine, Russia, Armenia, and Azerbaijan, and withdrew this amount through ATMs in China, which caused a loss to the bank totaling approximately
USD 1 million.
Although the theft of funds took place in April 2016, the bank was late in contacting the police. The pre-trial investigation into criminal proceedings only began on
16 June 2017.
