English courts did not help. Russian billionaire Yorikh is trying to cancel the technical part of the nationalization of PrivatBank through a court in Ukraine /p>
As NV Business found out, Russian oligarch Vladimir Yorikh, through his company Pala Assets Holdings Ltd, is trying to declare illegal the technical procedure for the nationalization of PrivatBank bail-in in a Ukrainian court. In particular, the agreement on the purchase of shares concluded between PrivatBank and UK SPV on December 20, 2016, by which PrivatBank's obligations to UK SPV were exchanged for shares of the bank's additional issue when PrivatBank was withdrawn from the market with the participation of the state.
PrivatBank's message indicates that Pala Assets Holdings Ltd and Ukrainian sole proprietor Sazonov D.V., together with well-known Eurobond holders JP Morgan Securities plc and UBS AG, joined the lawsuit of Shakoor Capital Limited in PrivatBank and UK SPV Credit Finance. On December 7, the Economic Court of the city of Kyiv will consider this case of bondholders against PrivatBank
Pala Assets is based on Fr. Jersey in 2006. According to public data, it also has a branch in Switzerland in the canton of Zug – Pala Assets Holdings Limited, St. Helier, Zweigniederlassung Zug.
According to media reports, Pala Assets is one of the investment funds of Russian citizen Vladimir Yorikh. Another Iorich fund, according to media reports, is Pala Investments Limited. The media note that both funds serve the assets of Vladimir Yorikh himself, which he received from the sale of his stake in the Russian mining giant Mechel.
The fact that Vladimir Iorikh is the ultimate beneficial owner of Pal Investments was repeatedly reported by the Australian media, which in 2016 followed the courts regarding tax claims against Iorikh, in which they called him a Russian oligarch. Yorich's ownership of the Pala Investments fund is also confirmed by the international office of Forbes magazine. Other publications also indicate that Vladimir Yorikh is the ultimate beneficiary of the second Pala Assets fund.
The CEO.CA website, which stores data from the Canadian Exchange, lists the beneficial owners of significant stakes in companies listed on this exchange. One such company is Nevada Copper Corp. (NCU). Forbes notes that Vladimir Yorikh is the owner of this company, whose shares he holds through Pala Assets.
Indeed, according to data relevant to December 2021, Vladimir Yorikh was marked as the beneficiary of Pala Assets.
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Also, as NV Business found out, according to open sources, Dmitry Sazonov, who is also appealing the bail-in, is a friend (studied together at the institute) and manager of many enterprises of the famous businessman and raider Vladislav Olegovich Dreger. Both Sazonov and his business partner Dreger are involved in scandalous cases. “Tapes of Tupitsky”.
Dmitry Sazonov is also/was the head/participant of transport enterprises connecting with Dreger, namely:
– head of PJSC &# 187; Donetsk regional enterprise of bus stations» ( 03113785);
— LLC member » Bus stations of Donbass» ( 33222297);
— member of LLC » Donetsk bus stations» ( 33222339);
— LLC » Classic» ( 13522421) .
— member of OOO » Regional Department of Technical Inspection of Vehicles & # 187; ( 36442973)
Sazonov was the deputy chairman of the Donetsk regional organization, the chairman of the Donetsk city organization and a deputy of the Donetsk city council of the Strong Ukraine party.
According to the registers of the Russian Federation, the person » Sazonov Dmitry Valentinovich» has a legal entity registered in Rostov-on-Don » Sole proprietor Sazonov Dmitry Valentinovich», TIN 616270964539, OGRN 316619600261435, OKPO 0107476908. Valid from 02.12.2016 recognized the bail-in procedure carried out in December 2016 in respect of loans provided by UK SPV Credit Finance plc in favor of PrivatBank.
Also, in September 2021, the London Court of International Arbitration issued final arbitration awards on arbitration proceedings initiated by UK SPV Credit Finance Plc and Madison Pacific Trust (bond trustees) against the bank, providing for the rejection of all claims against the bank; and confirmation that the bank has no obligation to pay principal and interest to the claimants under the Loan Agreements dated September 17, 2010 (for the amount of $200 million for the 2010 bonds) and February 25, 2013 (for the amount of $175 million for the 2013 bonds) . Therefore, PrivatBank was released from any obligation to pay principal or any additional payment of interest on any of the four loans subject to the bail-in procedure.
The Government of Ukraine on December 18, 2016, citing the proposal of the NBU and the former shareholders of PrivatBank Kolomoisky and Bogolyubov, decided to nationalize the bank. The ex-owners of the financial institution consider the nationalization, as a result of which they completely got rid of their shares, illegal, while PrivatBank and the state demand compensation from them.
The parties are litigating both in Ukraine and in foreign jurisdictions . The total amount of claims filed by PrivatBank against Kolomoisky and Bogolyubov in England, Cyprus, the USA and Israel exceeds $10 billion.
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