July 11, 2014

According to Ukrrudprom with reference to "Capital" publication, the economic court of Kiev on 7 and 9 July passed a judgment that the Finance and Credit Bank is the owner of 3 companies belonging to the "Club syra", namely Svetlovodskiy butter and cheese factory, Bobrovitskiy dairy factory and Milk canning plant. These companies, as well as Karlovskiy dry milk plant and Mironovskiy dried whole milk plant "Sommas", which were won by court action back in 2013, served as a security interest for the loan in the amount of USD 34 million.

According to Yelena Sulakova, the deputy director of book accounting, management accounting and tax returns of "Club syra", the enterprises transferred to the bank do not belong to them for a few years. It is not known who was the owner of the enterprises before judgment. Perhaps the corporate rights were reregistered to other legal entities that does not affect the possibility for a court to declare the bank’s ownership of them.

After the completion of the registration of ownership of Svetlovodskiy butter and cheese factory, Bobrovitskiy dairy factory and Milk canning plant, Karlovskiy dry milk plant and Mironovskiy dried whole milk plant "Sommas", the enterprises’ future will be determined. As asset management is not a typical activity for banks, the Finance and Credit Bank is likely to expose these plants for sale.

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