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Court cancelled the transfer of Kurchenko's media holding to “1+1” media group

23.06.2021, 15:22

The District Administrative Court of Kyiv ruled for the Ukrainian Media Holding (UMH) against the agency ARMA (Asset Recovery and Management Agency) and revoked the decision of the tender committee to transfer the management to “1 + 1 Internet” LLC. This was reported by "Economichna Pravda" with reference to the court decision and the comment of the Deputy Chairman of the ARMA Volodymyr Pavlenko.

Thus, on June 15, the judge partially satisfied the claims of the media holding company, which belonged to the fugitive businessman Serhiy Kurchenko, and overturned the decision of the tender committee, which fixed "1 + 1 Internet" the manager of UMH.

The court refused to upheld other claims.

In particular, the UMH asked the court to declare illegal the actions of ARMA regarding the selection of the manager of the arrested assets of Kurchenko.  

The plaintiff alleged that the bid procedure was held in violation.

The court found that the “1 + 1” offer was the most cost-effective. They promised UAH 5 million revenue to the state budget per month, but the financial statements revealed that the company is loss-maker.

In particular, LLC "1 + 1 Internet" hid that it has a credit debt to counterparties of over UAH 33 million.

The court ruled that the company would not be able to guarantee a profit of UAH 60 million per year. 

The founder of the company is the Cypriot company "Grintwood Investments Limited".

Commenting on the publication, Volodymyr Pavlenko said that the department is currently waiting for the official receipt of the court decision.

At the same time, UMH management has not yet been actually transferred. The agreement with "1 + 1 Internet" has not been signed yet due to the lack of assessment and consent of the Antimonopoly Committee.

As IMI reported, on June 12, 2020, ARMA started looking for a manager for the seized assets of the Ukrainian Media Holding.

On July 8, it became known that the media group “1 + 1 Media”, through one of its subsidiaries, claimed to get management of the assets of Serhiy Kurchenko's media holding.

In September 2019, the court transferred the management of the media holding of Kurchenko to ARMA. These assets, property and corporate rights were seized in December 2015.

On September 11, 2020, the Tender Committee of the National Agency for Detection, Investigation and Management of Assets Obtained from Corruption and Other Crimes named 1 + 1 Internet LLC as the asset manager of the Ukrainian Media Holding .

The holding's portfolio also included printed and online editions "Korrespondent", "Telenedelya", "Forbes Ukraine" (the license was revoked after Kurchenko was included in the list of sanctions) and others. Until 2013, the UMH belonged to Boris Lozhkin.

1 + 1 Internet LLC is a part of the 1 + 1 media media group.

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