Oleksandr Yaroslavsky’s DCH Group has released a statement regarding a USD 50 million loan issued to AIS Corporation by UkrSibbank in 2007. DCH earlier assisted BNP Paribas in the recovery of the troubled AIS debt. In 2017, UkrSibbank assigned the rights to the debt to DCH.
According to the statement released on 18 September, DCH Group is responding to "the deliberate distribution of inaccurate information about the role of DCH in the repayment of debts of AIS enterprises to UkrSibbank."
"Throughout 2009-2017, debt restructuring negotiations between UkrSibbank, Dmytro Sviatash and Vasyl Poliakov (co-founders of AIS Group and guarantors of the loan), continued with the participation of DCH. At various stages of the negotiation process, there was agreement on a number of settlement options including restructuring and repayment at a discount. Despite concluding these agreements, the debtors used one pretext or another to avoid their obligations,” the DCH statement asserted.
In 2010, AIS carried out the first sale of immovable property transferred to the UkrSibbank mortgage, removing the prohibitions on alienation of mortgage facilities based on a contested decision by the Voroshilovsky district court in Donetsk region. "This property was subsequently resold and divided between several legal entities on several occasions. These companies engaged in the further division or fragmentation of mortgage facilities in order to change the registration numbers of the facilities and addresses," according to the DCH statement.
The statement claims all illegally withdrawn real estate facilities presently belong to legal entities whose ultimate beneficiaries are direct relatives of Sviatash: his parents Larisa Sviatash and Volodymyr Sviatash.
"All AIS Group debts to other creditor banks (Swedbank and VTB) were bought by legal entities with the direct relative of Vasyl Poliakov, his sister Iryna Poliakova, as the ultimate beneficiary," DCH alleged.
"DCH is a conscientious acquirer of the debt pool of enterprises belonging to AIS Group and Sviatash. In our opinion, fair judicial decisions on the collection of AIS debts will help improve Ukraine’s investment attractiveness in the eyes of investors," DCH said.