On October 17, the Commercial Court of Zaporizhzhya Region opened proceedings in case No. 908/2828/19 on bankruptcy of Zaporozhtransformator PrJSC (at the initiative of the company itself).
According to the court materials, Zaporozhtransformator PJSC appealed to the court with a corresponding statement, referring to the fact that “the financial condition of the company has all the signs of insolvency, currently the debtor is in a state where the satisfaction of claims of one or more creditors will lead to the inability to fulfill the monetary obligations of the debtor in full to other creditors” (quote).
Zaporozhtransformator PrJSC is associated with Kostiantyn Hryhoryshyn. The ultimate beneficiary of the company according to the State Register is Leonid Pivovarov (Switzerland).
The company supplies equipment to 88 countries. The total number of personnel is 2500 people. The total area of the plant is 700 000 sq.m. The production area is 230 000 sq.m.
According to the company`s information, as of the end of 2018, its debt to banks amounted to UAH 8.87 billion. At the same time, the declared amount of non-current assets amounted to UAH 2.36 billion, and current assets - UAH 1.77 billion.
As Finbalance wrote, ING Bank is trying to recover from Zaporozhtransformator USD 7.2 million and ING Bank N.V. - USD 28.4 million. In addition, ING Bank filed a lawsuit in the Commercial Court of Sumy Region against Sumy Mashine-Building Scince and Production Association (also linked to Hryhoryshyn) for recovery of USD 9.97 million.
On 25.06.2019, the Supreme Court refused to satisfy the cassation appeal of Zaporozhtransformator and left unchanged the resolution of the Central Commercial Court of Appeal dd. 04.04.2019 (case No. 908/919/17), by which the applicant company was obliged to repay its debt to Raiffeisen Bank Aval in the amount of USD 12,9 mln (under loan agreement No. 01/02-19/12 dd. 02.10.2009 and loan agreement No. 010/02-19/ 2/22 dd. 23.09.2011).
On 13.09.2019, the Commercial Court of Kyiv opened proceedings in the case No. 910/12276/19 on the claim of Raiffeisen Bank Aval against Sberbank and Zaporozhtransformator for annulment of the pledge agreement dd. 26.06.2019 concluded between the defendants under which three production equipments (pneumatic angle grinders) were pledged to Sberbank.
According to the court materials, in the opinion of the plaintiff, the disputed transaction, by virtue of the requirements of Article 234 of the Civil Code, is fictitious, “because the defendant-2 [Zaporozhtransformator] intended to avoid foreclosure on the property ( during the execution of the decision of the Commercial Court of Zaporizhzhya region dated 01.06. 2017 in the case No. 908/919/17) in order to repay the loan debt to Raiffeisen Bank Aval JSC, and both parties acted with the intention that according to the provisions of Articles 203, 215 of the Civil Code of Ukraine is the basis for the recognition of the contract invalid” (quote).
Earlier, Sberbank filed a claim against its subsidiary enterprise Drill Collars and Kellys Plant for joint recovery of debt under the credit facility agreement dated 11.02.2011 in the amount of USD 28.76 million. Sumy Mashine-Building Scince and Production Association was the third party in the case (case No. 920/99/16).
According to court materials, the liquidator of the All-Ukrainian Development Bank (was controlled by Oleksandr Yanukovych) filed a number of lawsuits against Sumy Mashine-Building Scince and Production Association on collection of the debt:
- USD 5.6 million under loan agreement No. KKPOD.80407.024 of 29.10.2013 (case No. 920/1397/15);
- USD 5.7 million under loan agreement No. KKROD.80407.017 of 22.05.2013 (case No. 920/1396/15).
- USD 11.3 million under loan agreement No. KKROD.80407.006 of 07.03.2013 (case No. 920/1395/15).