Today, the Ukrainian Guaranteed Buyer has acknowledged manual intervention in distributing the European targeted loan to repay debts to green investors, including DTEK Renewables. The artificial delay of funds in the accounts of Oschadbank JSC, together with the subsequent withdrawal of funds that were designated for DTEK Renewables has signs of illegal activity and abuse of office by officials of the State Enterprise, the bank, and those senior government officials who issued the relevant illegal orders. Differences in public statements by Oschadbank and the State Enterprise confirm the actions were illegal.
One result of the Illegal actions by several officials led to a fall in valuation of the DTEK Renewables Eurobonds. Specifically, the value of DTEK Renewables Eurobonds fell below face value after the Guaranteed Buyer manipulating the funds. The valuation of NEC Ukrenergo's Eurobonds and Ukraine’s sovereign credit indicators also fell.
DTEK Renewables now requires the Guaranteed Buyer, Oschadbank JSC, the Cabinet of Ministers of Ukraine and the President's Office to ensure the fastest payment of debts to the company. Further delays will be seen as increasing political and financial pressure on the business.
DTEK Renewables is preparing for the legal protection of its rights and compensation for damages caused to the company and investors. The case will be pursued through the international and national courts.
