The Kharkov Appeal Economic Court’s decision from June, 17 states so.
The Sumy Regional Council claimed from the court to find invalid the decision of the extraordinary general meeting of the firm’s participants on December, 25, 2012. The meeting changed the shareholding structure of the LLC “Sumy Regional Blood Service Center”. In particular, Victor Lyubchak, Vladyslav Lyubchak, Vjacheslav Hrechyshkin, Olexandr and Galyna Shvager sold their ownership ratios in the amount of 18,75% to the public company “Biopharma” that owned 56,25% at that time.
Earlier the Economic Court of the Sumy region granted a claim of the Sumy Regional Council (it owns 25% of the firm). The Court declared that the procedure of informing the Sumy Regional Council about the meeting agenda was violated. The Sumy Regional Council stated that the issue about changing shareholding structure of the LLC “Sumy Regional Blood Service Center” had been entered on the agenda during the meeting and that was breach of the law.
However, the Appeal Court overruled this decision. It stated that the Sumy Regional Council had known about the intention of 5 co-owners to sell their ownership ratios in September 2012 when they had sent letters of notification to the “Biopharma” and to the Sumy Regional Council.
According to current legislation, other shareholders have privilege for buying ratios in the firm. Within a month from the date of receiving the letter they had to notify if they would buy these ratios. In October only the “Biopharma” did it. According to the court’s materials, the Sumy Regional Council decided to purchase 18,75% on November, 16.
According to court’s information, on November, 15 the LLC “Sumy Regional Blood Service Center” sent notification about the general meeting on December, 25. It also declared 6 issues, none of which refereed to disposal of 18,75% of the authorized capital. Together with that, as the court indicates, the Sumy Regional Council received a letter on November, 26. The letter contained the notification that the issue of selling mentioned ownership ratios had been entered on the agenda of the meeting.
Thus, the Appeal Court declared that the Sumy Regional Council had been notified about changes in meeting agenda on time (30 days before the meeting). The list of participants who intended to sell their ratios to the Sumy Regional Council was open too.
In 2012 the investment company Horizon Capital and the Netherlands Development Finance Company (FMO) bought out stocks of the public company “Biopharma” from the Member of the Ukrainian Parliament, member of Political Party “Party of regions” Vasyl Khmelnytsky and the first deputy of the Minister of Infrastructure Kostyantyn Yefimenko.