The Ukrlandfarming and Avangard agricultural holdings’ international creditors wrote a letter to Prime Minister Honcharuk, Minister of Finance Markarova, Minister of Economics Milovanov, and the Presidential Office Head Bohdan because of the NABU persecution of Oleh Bakhmatуuk, the holding owner
Mr. Bakhmatуuk does not rule out the international creditors’ suing Ukraine in an arbitration court, but still hopes meaningful talks with the authorities will be held.
The creditors expressing concerns about the NABU case against him could mean, he believes, that the investors would possibly seek international arbitration understanding that without a shareholder and management a constructive position is hard to achieve, Mr. Bakhmatуuk says.
He states that authorities at all levels ignore any proposals for a compromise. “No one needs a dialogue with me: they all imitate defending the national interest. If the authorities don’t hear me, they might hear the creditors”, Bakhmatуuk told Interfax-Ukraine in a telephone conversation on Tuesday.
“Recent media publications did not just alert, but forced lenders to move, since the unconstructive position would lead to losses on all sides,” the businessman said. Nevertheless, he does hope the authorities will take the constructive stance. The businessman expects the lenders’ letter to Prime Minister will change the situation since it contains an offer to discuss possible negative consequences for the agricultural holdings aggregate debt requirements.
Meanwhile, he reminds, in December and January the, companies were to purchase seeds, fertilizers, fuels and lubricants, other necessary things for sowing, and got in such a difficult situation that had never occured. In his opinion, achieving a constructive position with creditors and the government will save much more than the holdings cost, while attempting to sell their assets in parts will lead to their actual loss. “Such facilities falling ahead of the land market launch will be of critical importance for those entering the market,” the ULF Group owner added, citing 227 thousand land lease agreements and 27 thousand people employed.
A group of Ukrlandfarming (ULF) international lenders invited the Ukrainian Prime Minister Oleksiy Goncharuk, Ministers of Finance and Economics Oksana Markarova and Tymofiy Milovanov to discuss the possible negative consequences for the agricultural holdings aggregate debt requirements due to the new developments of the legal situation around Bakhmatуuk and ULF. A copy of the letter was also sent to the Presidential Office Head Andriy Bohdan and the National Bank First Deputy Head Kateryna Rozhkova.