Kernel bankrupt? Verevskiy withdraws assets
Andrey Verevskiy, the main shareholder and Chairman of the Board of Directors of the agricultural holding Kernel, re-registers the company's “delicious” assets. His actions may indicate that the holding is preparing for bankruptcy.
Orest Sokhar, editor-in-chief of OBOZREVATEL, wrote about this in his Orestocracy Telegram channel. He noted that Kernel had already postponed the publication of the consolidated financial report for the year three times.
“There are several reasons, but the most important thing is that the agricultural holding seems to be preparing for bankruptcy. After all, a few months after the start of a full-scale war, Verevsky held an insider agreement (non-transparent re-registration from one of his companies to another using non-public data) and actually withdrew 134 thousand hectares of land in the Ivano-Frankivsk and Lviv regions from Kernel, which did not fall under the risk of Russian occupation,” the message says.
That is, Verevsky himself “bought” corporate rights from legal entities that own 134 thousand hectares of land. He had to pay $210 million for the asset, although the real price is much higher.
Orest Sokhar notes that such actions by Verevsky could lead to the bankruptcy of Kernel. If the Warsaw Stock Exchange stops trading Kernel shares for numerous violations, the company will just be on the verge of bankruptcy.
And the assets already re-registered to Verevsky himself will not be able to be withdrawn in favor of creditors and investors. And if, due to lawsuits, assets are taken away from Kernel for debts, 134,000 hectares of land will remain with Verevsky.
Is Kernel bankrupt?
A long delay in the publication of an audit report usually occurs in two cases:
- new circumstances have appeared that were not known before known;
- the results were so unsatisfactory that more time is needed to “persuade” one of the big four auditors to write the document “correctly”.
And postponing the report three times is nonsense for a public company. “Kernel really had big problems. They can be assessed as “almost bankruptcy”. Net debt has risen to $1.7 billion, inventories have fallen by 13%, and companies are refusing new loans. And because of the actions of Verevskaya, the shares fell by more than 60%, while for similar businesses in war conditions – by 20-40%. Independent managers with an impeccable reputation are fleeing the board of directors, who must protect the interests of minority shareholders. There were three of them, and all of them almost simultaneously left the company of their own free will,” emphasizes Orest Sohar.
Kernel is one of the largest agricultural holdings in Ukraine, the bankruptcy of which will affect the state’s economy. In addition, the situation will affect the mood of foreign investors, in particular, their desire to invest in the development of Ukraine after the end of the war.
For more information about what is happening at Kernel and what such investigations can lead to, — read soon on OBOZREVATEL.
Recall that earlier Verevsky also received a pool of oilseed assets of the bankrupt Delta Bank. The value of the assets is estimated at UAH 5 billion. These are two fat-and-oil plants with all capacities, as well as a counterparty company.
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