“Oschadbank” called on ARMA to take into account the rights of creditors in the competition for the manager of “Gulliver”

Oschadbank appealed to ARMA / photo UNIANState “Oschadbank” in the process of selecting a manager for the shopping center “Gulliver” insists on the observance of a state approach, which will take into account the rights of creditors and contribute to the preservation of the investment climate. This was stated by the deputy chairman of the board of the bank, responsible for work with NPLs, Arsen Milyutin, based on the results of a meeting with representatives of the Agency for Search and Asset Management (ARMA) in a comment to UNN.

At the meeting on November 13, Arsen Milyutin drew the attention of ARMA representatives to the serious financial risks associated with the transfer of the “Gulliver” shopping center to the management of a “third party” without an obligation for it to service a loan in state banks.

He emphasized that the current legislation provides for the allocation of income from asset management to cover the expenses of the manager and the transfer of the balance to the state budget, but at the same time ignores the rights of creditors.

However, according to “Oschadbank”, the state’s position in this situation should consist in “ensuring a positive investment climate, protecting the interests of creditors and respecting fiscal interests, and not only in the formal execution of court decisions.”

“However, the current development of the situation suggests something completely different: the cash flow will not be directed either to the creditors, who have all the rights to it, or to the repayment of the tax debt, for which the debtor of the banks is actually accused. By the way, as far as we know, the amount of potential tax interest is approximately 133 times less than the amount of creditors’ demands. What amount will the state budget receive from the management of “physical evidence” (after all, that’s how “Gulliver” is qualified in the decision court) – we will all see by the results of the manager’s activities,” Milyutin said.

According to him, the interest of the consortium of state banks lies in the fact that payments to state banks should be included in the costs of managing the facility in an amount not less than what was foreseen by the financial models for this facility.

Milyutin added that ARMA representatives assured that they would conduct an additional analysis of legal acts for the possible consideration of such payments.

“If there is no such opportunity, then, as we announced earlier, Oschadbank and another co-creditor, Ukreximbank, retain the right, in accordance with the mortgage legislation, to satisfy their claims at the expense of the subject of the mortgage (“Gulliver”) primarily before other creditors of the debtor, including external managers.The right of management will be subject to termination as a right with a lower priority.The banks also have the right to sell the right of claim under the loan provision”, – explained the representative of “Oschadbank”.