Bogolyubov Seeks to Release "Borivazh" Grain Port from PrivatBank's Hold: Will He Leave PrivatBank with a 5 Billion UAH Debt?

Since 2018, a legal battle has been unfolding over the debts of LLC "Borivazh," linked to former PrivatBank owners Ihor Kolomoyskyi and Gennadiy Bogolyubov. PrivatBank has been striving to recover billions in debts and seize the grain terminal from the former owners. The saga has seen various twists, including the disappearance of PrivatBank's mortgage from the registry and fluctuating court victories. In 2023, the Commercial Court of Dnipropetrovsk region initiated bankruptcy proceedings against LLC "Borivazh," recognizing a debt of over 5 billion UAH to PrivatBank.

Bankruptcy case documents reveal that PrivatBank holds a 99.9% stake in LLC "Agroterminal Logistic" as collateral, an entity that owns the grain terminal itself. This collateral is valued at 5.5 billion UAH. The bank expected to declare LLC "Borivazh" bankrupt on August 19, 2024, followed by a competitive sale of LLC "Agroterminal Logistic's" stake via ProZorro to repay the debt, with potential buyers likely.

However, just before the bankruptcy declaration, a new twist emerged. The founders of LLC "Borivazh," who had ignored the bank’s debt for years and are closely associated with Kolomoyskyi and Bogolyubov, replaced the management of both LLC "Borivazh" and LLC "Agroterminal Logistic" on July 30, 2024. By August 2, 2024, the grain terminal was re-mortgaged, not for the bank's debt, but for other debts of LLC "Agroterminal Logistic" totaling 155.5 million UAH.

This move suggests that while PrivatBank seeks to sell its stake in LLC "Agroterminal Logistic," the grain terminal itself might be sold off to someone else. Notably, one of the individuals involved in this audacious scheme is currently in custody, while the other has recently fled to Europe with a false passport, seemingly trying to improve his financial situation at the expense of PrivatBank.

It is evident that the State Bureau of Investigation (DBR) should initiate a criminal case, annul the fictitious mortgage transfer, and establish state control over the port.