"Jamilco" refused to issue collateral for a loan
The Jamilko distribution company was unable to challenge in court the ban on pledging real estate under a loan from OTP Bank. The company had problems with registration of real estate as collateral, since the beneficiary of the transaction is an offshore company from Cyprus, an unfriendly country for Russia. Rosreestr refused to register a mortgage agreement in favor of the lender, Kommersant writes.
Kommersant learned about Jamilko's problems with pledging real estate to OTP Bank from the materials of the Court of Appeal, where the company challenged Rosreestr's inaction in registering the contract. They say that in June 2021 the bank issued two loans for 10,7 million euros and 12,7 million dollars (in total, about 1,85 billion rubles at the then exchange rate of the Central Bank). The purpose of the loan and the object of the pledge are not specified.
The parties sent the pledge agreement for registration to Rosreestr twice, but were refused. The court recognized the actions of the department as legal, because Jamilko belongs to Losford Trading from Cyprus, which was included a year ago by the Russian authorities, along with other EU countries, on the list of unfriendly due to military operations in Ukraine. Residents of these countries are prohibited from any real estate transactions in the Russian Federation.
The second argument of the court was that the loans were issued in euros and dollars, which is prohibited by the instructions of the Central Bank of the Russian Federation. Such a loan, as well as the transfer of an asset by a Cypriot company to the Russian Federation as a pledge, must be approved by the commission for the control of foreign investment, which was not done. OTP-Bank approved financing for Jamilco prior to the start of the military conflict, which led to changes in the legislation, but the loan agreement is considered valid after the registration of the pledge agreement. Therefore, according to lawyers, the retailer has only one way out - to obtain permission from the government commission.
Lawyers also predict that such a trial will not be the only one, and a series of such court cases can soon be expected.
Jamilko is one of the largest distributors of fashion goods in Russia. Her brand portfolio includes New Balance, Kiko, Timberland, DKNY.
The Jamilko distribution company was unable to challenge in court the ban on pledging real estate under a loan from OTP Bank. The company had problems with registration of real estate as collateral, because ...
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