The Kiev Economic Appeal Court has ordered the Ilyichevsk Grain Port Ltd. (Odessa region) to return a land plot in Ilyichevsk to the Delta Bank because of a debt totaling UAH 465.698 million as of 31 March 2015. The Interfax Ukraine news agency reported this, citing the press service of the court.

The bank and the Ilyichevsk Grain Port Ltd. concluded a loan agreement for a credit line of UAH 350 million on 27 June 2012. a 5.4-hectare land plot located in Ilyichevsk was used as collateral for the credit line.

The Ilyichevsk grain port asked the Kiev Economic Court to cancel the collateral agreement. However, the bank filed a countersuit, asking the court to recover the land plot, which has an assessed value of UAH 524.663 million.

The Kiev Economic Court rejected the the Ilyichevsk grain port’s lawsuit and accepted the bank’s countersuit.

The Ilyichevsk grain port appealed to the Kiev Economic Appeal Court, but a panel of judges at the appeal court concluded that the grain port had no substantial legal grounds for termination of the collateral agreement.

The Ilyichevsk Grain Port Ltd. was registered in June 2012. The port’s main areas of operation are wholesaling of grain, green tobacco, seeds, and animal feeds. The port has an authorized capital of UAH 350 million.

The owner of the grain port is the Ilyichevsk Grain Company Ltd. (Kiev), which is owned by Anelson Industries Limited (Cyprus) and Yevhen Serhiichuk, who is involved in the management of the Ilyichevsk grain port.