Tax Authorities To Appeal Against Court's Refusal To Recover UAH 70 Million In Bond Debt From Antonov

The State Fiscal Service of Ukraine intends to appeal to the Supreme Administrative Court of Ukraine against the Kyiv Administrative Court of Appeal’s decision to reject the tax authorities’ request to recover more than UAH 71 million in debt from the Antonov state aircraft manufacturing enterprise (Kiev), the Interfax Ukraine news agency reports, citing the press service of the State Fiscal Service.

The tax authorities have already prepared an appeal to the Supreme Administrative Court against the Kyiv Administrative Court of Appeal’s 5 February decision on recovery of debt from Antonov.

According to the press service, “the District Administrative Court of Kyiv in its decision upheld the State Fiscal Service’s administrative lawsuit against the Antonov state enterprise on recovery of debt on a foreign loan in excess of UAH 71 million provided by the state or under state guarantee. The third party was the Ministry of Finance."

Recently, the press service of the Antonov state enterprise said the Kyiv Administrative Court of Appeal on 5 February granted the Antonov state enterprise’s appeal related to the State Fiscal Service’s lawsuit for recovery of UAH 487 million in debt on bonds that the Aviant State Aviation Plant (Kiev) issued in 2009 under state guarantee.

The Ilyashev & Partners law firm, which represents the interests of the Antonov state enterprise in court, told Interfax Ukraine that the State Fiscal Service increased the size of its claim in the lawsuit against the leading Ukrainian aircraft developer by more than UAH 400 million during consideration of the dispute on appeal.

Aviant issued bonds with a total nominal value of UAH 858 million in two series in July 2009. The securities were placed from 28 August 2009 to 26 July 2010. The Antonov state enterprise raised UAH 594.996 million from placement of 94.1% of Series A of the bonds (484,778 bonds) and 27.4% of Series B of the bonds (94,128 bonds). The securities were due for redemption on 26 July 2015.

The government merged Aviant with the Antonov state enterprise in July 2009.