Ukrleaseinvest Group AG Expects European Anti-Fraud Office to Investigate Property Seizure in Ukraine

KYIV, Ukraine, August 2, 2017 /PRNewswire/ --

Interleaseinvest Group AG, the 100% beneficiary of Ukraine-based Interleaseinvest LLC, received a response from the European Anti-Fraud Office (OLAF) of the European Commission that the claim which the company had sent to OLAF in June is currently under evaluation.  

"Addressing OLAF is yet another step we have taken to restore justice in the case of seizure of our company in Ukraine, which has been already confirmed by several court rulings. We hope that OLAF investigation will strengthen our position in the European Courts, where we still defend our rights and good name," said Konstantin Misakov of Interleaseinvest Group AG.

In September 2014 the company became victim of a hostile takeover, when the company's legitimate management was dismissed. The company's biggest project financed by the European Bank of Reconstruction and Development, providing for the acquisition of 3000 new railcars, was stopped.

Up until September 2016, the company's legitimate management was physically unable to serve the EBRD's loan. As a result, some of the company's assets were claimed by EBRD as collateral.

Interleaseinvest AG's claims to OLAF concern the documents signed between the hostile management of the company and EBRD officers during the takeover period. Namely, the company wants OLAF to investigate the reasons why the management and EBRD signed a conciliation agreement, in which the railcars were claimed at a price much lower than the one fixed in the collateral agreement, which led to a net loss of 30 mln USD to the bank.  

As of now, Interleaseinvest AG is defending its rights in the court of Amsterdam. Also, it awaits the results of international investigation launched by Ukrainian Prosecutor General, in which the latter seeks cooperation from relevant UK authorities.  

EBRD provided the loan of USD 90 million for Interleaseinvest back in 2011. It was issued to finance the acquisition of approximately 1,500 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.

For additional information please contact Interleaseinvest Group AG Konstantin Misakov tel: +380967723369, info@interleaseinvest.com

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