Oschadbank to auction off debts of Akhmetov's company worth $49 million

2 November 2022, 07:29 PM
Debts of Ukrtelecom's owner will be auctioned (Photo:Delo.ua)

Debts of Ukrtelecom's owner will be auctioned (Photo:Delo.ua)

State-owned Oschadbank has put up for sale the debts of the majority owner of the monopolist telephone company Ukrtelecom for UAH 1.8 billion ($48.8 million), according to the message of the seized asset trading platform CETAM published on Nov. 2.

The State Oschadbank has put up for sale the right of claim to the majority owner of Ukrtelecom, ESU LLC, for almost $49 million.

The auction will be held on the CETAM system, and is scheduled to take place on Nov. 18.

The receivables of the ESU to Oschadbank arose due to the outstanding bonds of the company, which the bank bought in 2013.

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After ESU LLC delayed the repayment of the bonds and failed to pay the accrued coupon income, the state bank went to court.

ESU tried to get an instalment plan for the execution of court decisions in court, but the Supreme Court cancelled it. The court proceedings lasted almost two years.

In early August 2022, the Kyiv Commercial Court opened bankruptcy proceedings against ESU and introduced a procedure for the disposal of its property.

ESU owns 92.79% of Ukrtelecom’s shares. The ultimate beneficiary is businessman Rinat Akhmetov.

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