In 2011 Interleaseinvest LLC has started procurement and maintenance project for park of freight rail wagons of $300 million value. Within the framework of EBRD loan, Interleaseinvest LLC has bought 2387 wagons. (http://www.ebrd.com/work-with-us/projects/psd/interleaseinvest.html
Aforementioned agreement is a landmark for Ukraine as the EBRD is known for its thorough attitude to client selection. The amount of this loan agreement makes this project one of the most substantial projects in Western Europe.
The acute economic crisis of 2014-2015, the drop of GDP and industrial production (in 2014 - 6,6% and 10,7% respectively, in 2015 - 9,9% and 13,4% respectively), occupation of Crimea and some parts of Donetsk and Lugansk regions have adversely affected the transport volumes which reduced by __%. Despite the above the repayment of the loan was performed on time until autumn 2014. The bank has received $___ million, but Interleaseinvest LLC had to start negotiations on debt restructuring.
However, in autumn 2014 Interleaseinvest LLC fell victims to hostile takeover (link): intruders had falsified the documents concerning the change of owner and director of Interleaseinvest and had made changes in the public register. On October 8, 2014, unidentified armed assailants seized the office, computers, documents and all the property of the company. After that, the off-shore company, named Vesta Services Ltd. (BVI), based in British Virgin Islands has become the illegal owner of Interleaseinvest instead of Dutch company Interleaseinvest Ukraine B.V.
Obviously, new illegal owners have stopped fulfilling out their obligations towards the EBRD and repaying the loan.
The legitimate owners and managers of Interleaseinvest LLC have applied to the Prosecutor General of Ukraine and to сourts to protect their rights and interests. As a result, the criminal prosecution against raiders has been started and the rights of the legal owner, namely, Constantine Misakov, and of the company Interleaseinvest Ukraine B.V. has been reinstated by Ukrainian Courts after a year and a half after complaining to the court. General Prosecutor's Office of Ukraine has started the pre-trial investigation of hostile property obstruction of Interleaseinvest LLC. The suspicion of a criminal offence under paragraph 3 article 206-2 of the Criminal Code of Ukraine, was announced. The indictment was referred to the Court.
Because of the events connected with the hostile takover of a company, the EBRD with support of illegal Interleaseinvest management have started the default procedures and court proceedings on recovery of collateral: money on the company's accounts, park of freight wagons and corporate rights in Interleaseinvest Ukraine B.V.
At the same time the legal owners of Interleaseinvest LLC are trying to recover their rights to the Dutch company Interleaseinvest Ukraine B.V. through the City Court of Amsterdam. These rights also were taken by EBRD as a collateral pursuant to loan agreement between EBRD and Interleaseinvest LLC.
Despite these colossal losses in the past three years, Interleaseinvest LLC considers the renewal of cooperation and further realization of this project with EBRD as possible.