KSG Agro restructured its debt to German Big Dutchman

KSG Agro agricultural holding signed an agreement on loan debt restructuring to the German livestock equipment company Big Dutchman.

The debt will be repaid from July 31st, 2019. The parties acknowledged that the loan debt amounts to EUR 4.76 million, that is EUR 3.96 million of the principal debt amount and EUR 0.8 million of interest accrued.

“By reaching the agreement, both parties win. Successful restructuring means further development and launch of new projects in the field of crop production and pig breeding,” commented Sergey Kasyanov, Chairman of the Board of KSG Agro Agricultural Holding.

According to him, settlement of loan debt issues would remain among the strategic priorities of the holding in the current year.

The agricultural holding attracted loan from Big Dutchman in 2012 for the development of a pig breeding complex in Dnipropetrovs'k region.

In August 2015, Big Dutchman sued the companies of the KSG Agriculture and Industrial Holding Limited Group to recover funds.

According to the Register of Court Decisions, until 2018 the case was considered in the Ukrainian courts, but the final decision was not made. In the course of consideration, the college of judges changed several times.

During the court sessions, Big Dutchman requested the court to seize funds from the enterprises of the KSG Agriculture and Industrial Holding Limited Group in the amount of EUR 4.26 million, yet the court did not approve the company's request.

In December 2018, the court decided on the appointment of Ukroagro Alliance Limited (UKROAGRO ALLIANCE LTD) as the assignee. This company is controlled by the Head of the Board of Directors and co-founder of Dnipro Agro Group Vasily Astion.

According to the YouControl analytical system, the ultimate beneficiaries of DNIPRO AGRO ALLIANCE LTD are Vitaliy Khomutynnik, Vasily Astion, Yevgeny Astion and Mikhail Koshlyak.