27.08.2024 Investigations

Schemes to seize the port of Borivazh and UAH 5 billion debt to PrivatBank

На днях миллиардеру из Днепродзержинска исполнилось 60 лет | Sobitie

Hennadiy Boholyuov is one of the richest businessmen in Ukraine who fled with forged documents and is now trying to take over the Borivazh port..

Who is Bogolyubov?

Boholyubov is one of the co-owners of the Privat group and has long been a partner of oligarch Ihor Kolomoisky.

Privat Group controls a large share of Ukraine’s oil refining and retail markets, and virtually the entire ferroalloy market. The media also reported that Bogolyubov’s company Palmary Enterprises Ltd bought Consolidated Minerals, the largest Australian manganese ore mining company. Therefore, the businessman controls about 30% of the global ferroalloys market.

On October 5, 2020, Gennadiy Boholyubov filed a lawsuit with the Kyiv Commercial Court demanding the return of 33.2525% of the shares he owned before the nationalization of PrivatBank. On February 8, 2021, the Commercial Court of Kyiv granted PrivatBank’s motion and left without motion the claim of ex-executive Bogolyubov to return 33.25% of the financial institution’s shares to him, given the absence of all the necessary details in the statement of claim.

What is known about Bogolyubov now?

On July 9, 2024, the SBI notified the businessman of suspicion. The fact is that Boholiubov managed to travel abroad using the documents of another person, which became the basis for criminal prosecution. He is charged with Part 2 of Article 332 of the Criminal Code of Ukraine and Part 3 of Article 357 of the Criminal Code of Ukraine, which means transportation of persons across the state border and illegal possession of a passport, respectively.

Interestingly, Boholyubov has no legal grounds for travel restrictions. The oligarch is 62 years old and has five minor children.

According to the media: “The situation around Gennadiy Bogolyubov, a man of non-conscription age with more than three children, is not as simple as it seems. After all, no law enforcement agency has ever served him with any suspicions or other restrictive measures.

However, the same law enforcement agencies feared that if the state of Ukraine had such suspicions, Bogolyubov himself might no longer be in Ukraine. Therefore, the decision not to release the oligarch was rather political and was definitely made at the highest level»

Despite this, Boholyubov still managed to leave the country, but with the passport of a certain Syumak Mykola, who had no idea about his “own trip”.

The oligarch was also helped by border guards, who turned a blind eye to the discrepancies in the documents for a special fee.

Seizure of the port of Borivazh

At one point, with the assistance of interested parties, PrivatBank was brought to insolvency. As a result, the National Bank of Ukraine recorded problems with the adequacy of the capital level, loan portfolio and compliance with the standards of the banking institution, which led to the nationalization of JSC CB PrivatBank in December 2016.

At that time, JSC CB PrivatBank became the property of the state, having a number of debtors who had to return the money to the bank. In order to guarantee the repayment of debts, a number of legal entities pledged their own real estate to the bank under mortgage agreements. This category also includes a company from Bogolyubov’s orbit, which he controls through offshore companies – Borivazh LLC.

Among the founders: AMERTANA HOLDINGS LTD, OKTALENSA HOLDINGS LTD and ANSTREVIO INVESTMENTS LIMITED – together they own 70% of the shares.

The company controls the grain terminal in Pivdennyi port and was previously the owner of the Boryvazh terminal, which was later re-registered as Agroterminal Logistic.

Now, instead of the terminal, which is worth billions of hryvnias, compensating Privat for unpaid loans (which is about UAH 5 billion), it can return to its old owners.

As collateral for the loans, PrivatBank was granted corporate rights and Agroterminal Logistic LLC in the amount of 99.9% of the authorized capital, which guaranteed the repayment of the loans.

In 2023, the Economic Court of Dnipro Region opened a bankruptcy case against Borivazh. This was preceded by a change in the company’s place of registration and its transfer from Odesa to Dnipro for obvious reasons – to accommodate “convenient” judges.

The case had signs of fictitiousness. The creditor was a certain PJSC Insurance Company “Ingosstrakh”. According to the general procedure, PrivatBank expected BORIVAZH to be declared bankrupt on August 19, 2024. Immediately before that, the founders of the company, who had done nothing to repay the debt to the bank for years, changed the heads of BORIVAZH and Agroterminal Logistic LLC on 30.07.2024.

At that time, the port’s real estate was mortgaged to Terminal Borivazh LLC to secure the repayment of financial assistance in the amount of UAH 155 million with the repayment period until 31.03.2025.

On August 13, 2024, the terms of the mortgage agreement were amended and a new deadline for repayment of the financial assistance was set for August 14, 2024. The only goal is to re-register the port to Terminal Borivazh as soon as possible. To do this, the latter is filing bankruptcy proceedings against the owner of the facility, Agroterminal Logistic.

Interestingly, the company’s manipulations and agreements with individual judges are obvious. For example, after the case was assigned to the first judge of the Commercial Court of Dnipropetrovska oblast, Terminal Borivazh immediately withdrew its application. Instead, on the same day, it filed an identical one in order to get the case before the “right” judge.

The situation with Borivazh LLC and its relations with PrivatBank JSC and the state is a good example of the use of complex schemes to avoid responsibility and maintain control over strategically important assets. Borivazh, which is associated with the former owners of PrivatBank, including Boholyubov, owes the state-owned bank about UAH 5 billion.

Although the state-owned bank has the ability to ensure loan repayment by seizing and selling collateralized assets, these steps are not being taken. And this already points to an obvious collusion of officials.

We are starting our own research into the case of Boholyubov’s Borivaz. The legal department of Non-Stop has already collected and sent materials to law enforcement and regulatory authorities. We demand to conduct inspections on various problematic issues: including interference with the automated document management system of the Economic Court of Dnipropetrovs’k region, conclusion of fictitious contracts and inaction of representatives of JSC CB PrivatBank regarding the whole situation.

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