Three banks have legal proceedings  with the Creative

Three banks have legal proceedings with the Creative

18.02.2016 News

Three banks have legal proceedings  with the CreativeTwo state banks have filed a lawsuit against the Creative  regarding the reimbursement of debts.

In particular, Ukreximbank  wants to recover  57.71 million UAH and $ 7.84 million of arrears on the loan agreement dated November  17, 2008.

Also Oschadbank wants to compensate another $ 25.24 million.

In addition, Piraeus Bank ICB is trying to recover through the courts the debt on the loan of the “Creative”, PJSC, included in the same-name group.

According to informed sources, the bank went to court with a claim about $ 15.6 million of debt under the loan agreement dated October 27, 2011.

It will be recalled that, the total debt of the company to the banks amounted to 14.22 billion UAH. The main borrowers were Oschadbank (6.73 billion UAH), Ukrgasbank (2.04 billion UAH) and Ukreximbank (2.54 billion UAH). Among the creditors are also listed Landesbank Berlin, UniCredit Bank (Germany), UniCredit Bank (Czech Republic), Raiffeisen Bank (Czech Republic), Ukrsotsbank and others.

Creative Group is the second largest producer of sunflower oil in Ukraine. A year after 2012 when Creative almost tripled capacity for sunflower processing to 1.1 million tons per year, its revenue rose beyond $ 1 billion. The company has received the net profit in 2013 last time. In September, it was reported that 77% of the Creative group went over to the new owners, and in February 2016 the government allowed the Kernel agro-holding to buy from Ukrgasbank the right of claim to the oil extraction plant “Ellada”, which belongs to the Creative Group.

Source: agroportal.ua

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