The court recognized the claims of Investohills to Invest Machinery for 90.5 million uah

19.10.2021 The Economic Court of Zaporizhia region in the framework of Case No. 908/1847/21 on bankruptcy of Invest Machinery LLC recognized the creditors’ claims of Investohills Vesta Financial Company LLC for UAH 90.5 million, including UAH 21.57 million – as secured by collateral of the debtor’s property.

According to court materials, the financial company Investohills Vesta bought out the rights of claim of the bankrupt Forum Bank to Invest Machinery under a loan agreement from the DGF 2-0064/13/11-KL / 1 from 21.10.2013.

The manager of the debtor’s property clarified that the collateral for the debt obligations of Invest Machinery includes vehicles.

In the state register, Taras Simkiv is listed as the beneficiary of Invest Machinery LLC, and among the company’s activities are leasing agricultural machinery and equipment (main), trade and repair of motor vehicles, and other auxiliary activities in the field of transport.

We add that on 28.09.2021, the investigating judge of the Ternopil City District Court granted the request of the police investigator, agreed by the prosecutor of the Ternopil District Prosecutor’s office, to extend for a year the term of the pre-trial investigation in criminal proceedings No. 12020210000000163, within which law enforcement officers establish whether fraud occurred when Invest Machinery LLC failed to fulfill its obligations under the loan agreement no. 2-0064/13/11- KL from 21.10.2013.

Another borrower and mortgagor for the corresponding loan was Skybud M LLC (Viktor Kril is listed as the founder in the state register). Pledged vehicles (truck tractors of the “MAN” and “DAF” brands).

As stated in the court materials, according to the investigation, “intending to create an impossibility for the creditor/pledgee to foreclose on the collateral items to repay the debt, officials of Invest Machinery LLC and Skybud M LLC probably alienated the collateral items in favor of unknown persons”, and “a possible way of illegal alienation of the collateral items could be the use of forged official documents on behalf of Bank Forum PJSC” (quotes).

In addition, please note that at the end of 2014, the then interim administrator of Forum Bank applied to the Economic Court of the Ternopil region with a claim against Invest Machinery LLC for debt collection under Loan Agreement no. 2-0064/13/11- KL of 21.10.2013 (Case No. 921/1311/14-G/7). Then the defendants were, among other things, LLC Trading House Skybud M and Mriya Agro Holding Public Limited (guarantor).

As you know, in August 2014, the Agricultural Holding Mriya reported a delay in payment of about $9 million in interest income and about $120 million in debt repayment. Mriya’s total debt to financial creditors, including guarantees provided to companies associated with the gut family, was about $ 1.3 billion at the time of the default announcement.

In January 2015, operational control over the Agricultural Holding was transferred to creditors who elected a new management.

In August 2018, “Mriya” restructured its debt by $ 1.1 billion (more than 70% of the debt was supposed to be written off).

In the fall of 2018, the Saudi investment fund SALIC acquired the Agricultural Holding “Mriya”, and in 2019 merged it with its other Ukrainian assets into the Continental Farmers Group (CFG).