Interleaseinvest Group AG Awaits Cooperation from UK Authorities and EBRD to Shed Light on Property Seizure in …
KYIV, Ukraine, June 8, 2017 /PRNewswire/ — Interleaseinvest Group AG, the 100% beneficiary of Ukraine-based Interleaseinvest LLC, expects Ukraine‘s Prosecutor General Office(PGO) to find out missing details of the company‘s property seizure in Ukraine. According to the company‘s management, this can be done once the UK authorities agree to provide their support to investigation. The seizure had prevented the legal company owners from repaying their loan to EBRD in its one of the biggest projects in Eastern Europe. On 25thMay 2017 Interleaseinvest received a response from General Prosecutor’s office in Ukraine investigating the case, that their request of cooperation addressed to the UK’s relevant authorities as of 19 July 2016 remained unanswered.
In that request Ukraine’s PGO solicited support to collect information from persons who cooperated with Interleaseinvest’s managers while the parent company did not control its Ukrainian subsidiary. “We expect that the investigation of the Ukrainian PGO in cooperation with the relevant authorities in the United Kingdom can give us more information about the persons who were managing Interleaseinvest LCC,” said Konstantin Misakov of Interleaseinvest Group AG. Due to Interleaseinvest’s corporate rights being seized, the company’s legitimate management was physically unable to serve the EBRD’s loan.
As a result, some of the company’s assets were transferred to EBRD as collateral and the project subject to finance was stopped. Having restored the legitimate rights, Interleaseinvest Group AG expressed their full commitment to repay EBRD’s loan. The company is trying to renew the negotiations with EBRD as well as to re-launch the project despite the legal procedure launched by the bank.
EBRD provided the loan of USD 90 million for Interleaseinvest back in 2011. It was issued to part-finance the acquisition of approximately 3,000 railcars. The loan aimed to support the railway sector reform in Ukraine via increased private sector participation and more widespread private ownership.
The project’s total value was USD 300 mln, which made it one of the biggest in Eastern Europe. Interleaseinvest LLC were one of the leading privately owned providers of rail cargo transportation and freight railcar operating lease services to corporate clients in Ukraine. The Company operated approximately 3000 railcars and served clients from key Ukrainian industries.
SOURCE Interleaseinvest Group AG