RCS - Okean BV - ANNOUNCEMENT OF WRIT OF SUMMONS FROM DUTCH COMPANY
5th April 2012
ANNOUNCEMENT OF WRIT OF SUMMONS FROM DUTCH COMPANY OKEAN B.V. - FORMER OWNER OF PJSC MYKOLAIV SHIPYARD OKEAN, UKRAINE
Okean B.V. (domiciled in The Netherlands), the former owner of PJSC Mykolaiv Shipyard Okean, Ukraine's major shipbuilding and repair facility, and Logistic Solution International Limited (domiciled in the British Virgin Islands), a major creditor of Okean B.V. have initiated legal action in The Netherlands against a series of companies they claim have illegally acquired financial assets belonging to Okean B.V. shortly prior to its previous owner, Norwegian-based Wadan Yards Group AS, was declared bankrupt in March 2010.
The financial assets in question include a 98.74% shareholding in the PJSC Mykolaiv Shipyard Okean, and the rights to the return of over EUR 53 million of loans made to the Ukrainian shipyard company by Okean B.V. in the period from 2006 to 2009. Okean B.V. has been the legal majority owner of PJSC Mykolaiv Shipyard Okean since 2006.
The financial assets were transferred to a British Virgin Islands-domiciled shelf company, Blakur Company Inc, in March 2010. The shares were then passed through the hands of various other BVI and Panamanian companies shortly before being transferred to Olympus Investments B.V. - a company domiciled in The Netherlands - in April 2011.
More recently, around 50% of the shares are believed to have been sold by Olympus to PJSC Smart-Holding, a company registered in Ukraine, and according to the Ukrainian media, owned by Vadim Novinsky. The loans were sold by Blakur Company Inc to two Cypriot shelf companies, Poizanter Holdings Limited and Fradomna Investments Limited for US$200 in May 2010.
Logistic Solution International Limited and Okean B.V. have started proceedings in the Netherlands against Olympus Investments B.V., Poizanter Holdings Limited and Fradomna Investments Limited, Blakur Company Inc, PJSC Smart-Holding, and Judith Hamburger (a former director of Blakur), each of whom has been summoned to appear before the District Court of Amsterdam on 22 September 2012.
If successful, the outcome of the proceedings will include the restoration to Okean B.V. of its rights in the financial assets (98.74% shares and over EUR 53 million debts of the Ukrainian PJSC Mykolaiv Shipyard Okean) and an award of substantial damages against the defendants. Okean B.V. is now owned by a consortium of international and Ukrainian investors after the bankruptcy of its previous owners Norwegian-based Wadan Yards Group AS, and is working in full cooperation with that company's liquidator, DLA Piper.
Commenting on the writ of summons and the activities of those it pertains to, Tom Einertsen, Director of Okean B.V. said:
"The assignment of the loan and transfer of the shares were part of a scheme to evade major assets from the creditors. This was an illegal action, and as such we will endeavour to return these assets to their rightful owners".
On 21 March, the District Court of Nicosia in Cyprus granted an injunction in support of the Netherlands action which prevents either Poizanter Holdings Limited or Fradomna Investments Limited (both registered in Cyprus) from taking steps to transfer or benefit from the loans and which also freezes their assets.
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For more information, please contact:
Mark Pursey/ Edward Staite
Tel: +44 203 239 6730
Notes to Editors:
1. Link Business Solutions Limited (UK) acquired equity ownership of Okean B.V. in October from Wadan Yards Group AS, a Norwegian company that had been declared bankrupt in March 2010. Link Business Solutions Limited is owned by a consortium of international and Ukrainian investors.
2. Okean B.V. (the Netherlands) is and has been since 2006, the rightful owner of 98.74% of equity capital of PJSC Mykolaiv Shipyard Okean, the Ukrainian shipyard.
3. Logistic Solution International Limited (BVI) is the rightful owner of EUR 53,320,735 of loans and interest payments intended for investment in PJSC Mykolaiv Shipyard Okean.
4. Link Business Solutions Limited (UK) and Logistic Solution International Limited (BVI) have the same beneficial owner - a group of international and Ukrainian investors.
5. Before the transfer of ownership of Okean B.V. (the Netherlands) to Link (UK) and its portfolio of financial assets to Logistic (BVI) - both from the Norwegian Wadan Yards Group AS - and shortly before the bankruptcy of Wadan Yards Group AS, the assets of Okean B.V. were transferred out of this company illegally to the series of shelf companies named as defendants in the writ of summons.
6. The companies named in the writ of summons as illegally holding the financial assets of Okean B.V. (the Netherlands) are, and are registered, as follows:
· Olympus Investments B.V., Registered in The Netherlands
· Poizanter Holdings Limited, Registered in Cyprus
· Fradomna Investments Limited, Registered in Cyprus
· Blakur Company Inc, Registered in the British Virgin Islands
· PJSC Smart-Holding, Registered in Ukraine
· Judith Hamburger, resident in Zurich, Switzerland
This information is provided by RNS