Oschadbank finds buyer for Bakhmatyuk’s debts at 70% discount

Oschadbank has managed to find a buyer for debts linked to businessman Oleg Bakhmatyuk, selling them at a 70% discount.

Financial company Fintonic became the sole bidder in Oschadbank’s auction for loan claims owed by the Ukrlandfarming group, according to data published on the Prozorro.Sale platform.

The auction covered debt obligations under loan agreements from 2007–2018, secured by production assets of PJSC Rise-Maximko, PJSC Avangard Agroholding, LLC Imperovo Foods, and LLC PAKKO Holding. The collateral includes grain elevators, poultry farms, an egg processing plant, as well as guarantees from individuals and legal entities.

The sale was conducted as a Dutch auction (with a gradual price reduction). The starting price was UAH 5.04 billion, and the sole participant stopped the auction at the minimum bid of UAH 1.14 billion.

Fintonic LLC (formerly CHEZ Invest) is 80% owned by Andriy Shpilka from Kryvyi Rih, according to LIGA360. A person with the same name has previously headed the Northern Mining and Processing Plant in Kryvyi Rih and Transinvest Holding (both companies associated with Rinat Akhmetov’s SCM).

The remaining 20% belong to Fortior Capital Group, owned by Mykola Nesterenko, who also worked for SCM for many years. Until 2021, his business partner was Oleksandr Kamyshin (former CEO of Ukrzaliznytsia and former head of the Ministry of Strategic Industries).

Oschadbank warned that this attempt to sell Bakhmatyuk’s debts would be the last.

"In the absence of a successful bid, the bank will proceed with an active liquidation scenario to recover the debt," the state bank said. Oschadbank recently foreclosed on one of Ukraine’s tallest skyscrapers and is now in a legal battle to secure ownership.

• Bakhmatyuk currently resides in Vienna. In Ukraine, he is expected to stand trial on charges of misappropriating a UAH 1.2 billion stabilization loan issued by the NBU to VAB Bank in October 2014. He is also accused of offering the largest bribe in Ukraine’s history — UAH 722 million.