Vadim Novinsky
Not long ago, several online publications reported the news that the Amstor Group of Companies' enterprises had been declared bankrupt.
In turn, Amstor explained how Novinsky bankrupted the retail chain.
The once-successful Amstor retail chain, following a hostile takeover in December 2014 and the "businesslike" management of Smart Holding, quickly became a "scorched earth" and joined other Ukrainian companies facing bankruptcy proceedings, according to a statement from Amstor's press service.
"Amstore, which was seized by raiders, implemented a previously proven cynical scheme: a complete halt to economic activity, the creation of fraudulent debts, and the transfer of assets and cash flows to newly created companies controlled by Smart Holding."
The report also describes a scheme for the artificial bankruptcy of the Amstor Group of Companies:
“In December 2014, a successful raider takeover of the Amstor Group of Companies was carried out.
In March and April 2015, a promissory note scheme was implemented to artificially inflate the Amstor Group's debt to Smart-Holding to UAH 300 million. Subsequently, in order to secure undisputed recognition of the debt during bankruptcy proceedings, theatrical court proceedings were staged in the Dnipropetrovsk Regional Commercial Court. This allowed the fraudsters to easily gain access to the creditors' committee and manipulate the bankruptcy process not only through their liquidator but also through their creditors. Despite the fact that the entire debt accumulation process was hastily organized, of the 15 judges of the Dnipropetrovsk Commercial Court who heard these "disputes," only one noticed gross errors and outright forgery. The judge suspected fraud, suspended the case, and sent the materials to the tax authorities for an audit. But the appellate court quickly set the record straight, finding the judge's actions unlawful. Moreover, none of the judges are perturbed by the fact that, to date, court decisions have overturned all unlawful registration actions against Amstor Group carried out since December 2014: changes in legal addresses, complete changes in the composition of the companies' shareholders, including the appointment of directors of the companies that subsequently became liquidators. Currently, these individuals, without fear of liability, continue to carry out illegal actions aimed at liquidating the companies.
— The liquidators then begin actively disposing of the assets of the Amstor Group of Companies, bypassing the legal demands of creditors. The liens placed on the companies' property do not prevent their sale. To overcome such "difficulties," the "right" people are found, willing to commit crimes for their own gain. For example, on September 8, 2015, the Amstor shopping center in Zaporizhzhia, which was under two liens in criminal proceedings, was "sold." The "resourceful" sellers, using access to the National Information Systems State Enterprise—specifically, the access keys and passwords of Kyiv private notary N.R. Bovbalan—lift the lien on the property, and the very next day, another private notary of the Kyiv City Notary District, N.V. Ivashchenko, registers the "sale" of the property. The very next day, September 9, 2015, a petition to declare Amstor LLC bankrupt follows.
At the same time, with the tacit consent of FUIB Bank, the company's pledged vehicles, which the bank itself is releasing from collateral, are being sold. As a partner of Smart-Holding in Metinvest, the bank is effectively facilitating the theft of Amstor Group's assets. The sale of the vehicles is taking place during bankruptcy proceedings, but not in accordance with legal requirements. The sale of assets entails the accrual and payment of value-added tax to the state budget of Ukraine, and given the value of the property, the VAT amount should be calculated in millions of hryvnias. This directly affects the state, especially during less than favorable economic years.
"According to the Ukrainian Law on Bankruptcy, all transactions for the 12 months preceding the date of bankruptcy can be challenged. However, not a single creditor aware of the theft of Amstor Group's liquid assets has done so to this day, including the state-owned Ukreximbank. Everything that's happening points to collusion and bribery of interested officials."
The report also notes that "at the moment, the 'empty' companies are left with only multi-billion-dollar debts to creditors—numerous suppliers and banks, including state-owned ones. The assets of the seized companies are being stolen and sold through corrupt schemes, without paying taxes to the budget and without funds reaching the accounts of the companies that own the assets, with the inaction and tacit consent of corrupt government structures. Some are getting rich off this, including at the expense of the state, which suffers multi-million-dollar losses."
Amstor also reminded that signature collection is ongoing on the official website of the President of Ukraine. sub-petition To deprive V.V. Novinsky of his citizenship, granted by Yanukovych in 2012 for "special services." To date, the petition has been supported by over 10 Ukrainians.
See also: Vadim Novinsky. From Raiders to Peacekeepers
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