VTB has filed a lawsuit against the co-owner of “Olmert” on 650 million roubles

Moscow. June 8. INTERFAX.RU Bank VTB intends to recover from the co-owner of the online retailer “Yulmart” Dmitry Kosygina about 650 million rubles in the framework of the contract of guarantee on the loan issued by the NAO “Hardware”.

Appropriate action for recovery was filed in the Dzerzhinsky district court of St. Petersburg, follows from the materials of the court. Preliminary hearing on business is appointed to July 3, 2017.

Managing partner of the bar Association Pen&Paper (represents the interests of “Olmert” in court – if) Valery Zinchenko said “Interfax” that Costigan as a guarantor for the loan takes the company’s obligations to VTB. “The Bank appealed directly to Dmitry Kostygin and did not even try to collect the debt directly from the borrower. It’s weird and illogical, because such actions could be interpreted as abuse of right”, he said.

Comment by VTB on the suit of “Interfax” does not yet have. Earlier, a similar claim for the recovery of shareholders and ex-Director of “Yulmart” 1 billion filed by the savings Bank. As previously reported, is currently in the courts, there are several bankruptcy claims “Olmert” and its structures. In may this year, the intention to submit the claim about bankruptcy of the NAO “Yulmart” announced the Bank “Saint-Petersburg”.

In 2016 the shareholders Ulmart Holding Limited (the holding company of the retailer) Michael Vasinkevich on the one hand and Kostygin and his partner August Meyer on the other started the conflict. His main reason for the difference in approaches to business development in the conditions when the company needed funds. Vasylkevych said that negotiations with a potential investor, whom he did not name, ended inconclusively. Besides “Ulmart” failed out as planned, neither in 2014 nor in 2015 to reach positive EBITDA.

Costigan had accused the minority shareholders that they are ignoring his proposals on debt restructuring and convert it into action, and claimed that “their actions to block financing and the selection of the governing body have provoked a crisis in the company and the claims of creditors on early repayment”.

Currently, the Fund Da Vinci Capital is negotiating with shareholders of “Olmert” on redemption of minority shares of the retailer have Vasinkevich. As argued Costigan, we are talking about a 33.5% (however, the Vasylkevych States that it is 38.5%). Have Kosygina and his partner August Meyer aggregate of 61.5% stake in the parent structure “Olmert” Ulmart Holding Limited.

Ulmart was founded in 2008, initially specialized in online sales and digital home appliances. The new development strategy of the retailer involves the creation of comprehensive, integrated e-commerce platform with its own logistics infrastructure, the basis for which will be a network of regional centers of execution of orders. “Hardware” dramatically slowed the growth of revenue in 2015 to 4.5% in more than 50% in 2014. In 2016, the company increased revenue by 2%, to 49.3 billion rubles.