Court of appeal did not lift the seizure of the “Energomerezha” funds

The Kyiv Commercial court of appeal decided  not to lift the seizure of funds amounting to over 41.8 million UAH in the accounts belonging to the “Energomerezha” Holding Company.

The money was transferred by Zaporizhya Titanium-Magnesium Plant to the account of “Energomerezha” Holding Company in accordance with the provisions of the Claim Assignment Agreement concerning the Plant's debt for electricity provided by the “Zaporizhyaoblenergo” OJSC.

On 16 March 2016 the Kyiv Commercial court seized the assets in the “Energomerezha” bank accounts. This was done as a measure to enforce the NABU's claim to invalidate Claim Assignment Agreement. Therefore, should the agreement be invalidated, the “Energomerezha” Holding Company would have to return 41.8 million UAH that would be transferred to the “Zaporizhyaoblenergo” current account.

It should be reminded that at the end of January/beginning of February the NABU filed 5 suits asking to invalidate agreements between the private firm Energomerezha Holding Company and Zaporizhyaoblenergo OJSC, 60% of shares of which belong to the state. According to the agreements the state's debt claim on the debts of major industrial enterprises of Zaporizhya region amounting to more than 346.2 million UAH was transferred to a private firm. Kyiv Commercial court invalidated three  of the agreements amounting to 190 million UAH. The judicial proceedings on the other two agreements continue.  

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