French Court arrests Yulmart co-founder’s property on VTB suit

French Court arrests Yulmart co-founder’s property on VTB suit
Dmitry Kostygin

Dmitry Kostygin denies owning the villa styled as a Roman palazzo with a large swimming pool and a park.

The High Court of the French city of Draguignan arrested the villa belonging to Dmitry Kostygin, one of Yulmart founders in St. Tropez. As reported by Kommersant, the court thus upheld the decision of the Dzerzhinsky district court of St. Petersburg to take provisional measures on VTB suit against the businessman. Kostygin owes the bank more than 650 million rubles ($10m) as a guarantor. Earlier, the bank opened a credit line to Yulmart for 715 million rubles ($11.9m), but the borrower failed to fully fulfill its obligations nevertheless.

Morgan, Lewis & Bockius LLP, a law firm, filed a motion on behalf of VTB to arrest 100% of the shares in SCI Symphony K (which belongs to Dmitry Kostygin and his wife Svetlana, according to creditors) on June 30, 2017, and on July 5, the court ruled to satisfy the motion of VTB lawyers. SCI Symphony K owns a two-story villa styled as a Roman palazzo with a large swimming pool and a park with ancient trees. Yesterday, the bailiff arrested the company’s shares and the villa, where Svetlana Kostygina was at the moment.

Meanwhile, Dmitry Kostygin has denied having any property in the French resort. According to him, the bailiffs arrested a "couple of bank accounts" and "some small things" on the VTB suit.

"Maybe there is a Kosygin villa, and I'm believed to possess some indescribable treasures of the party?" the businessman asked sarcastically. He said he is living in St. Petersburg and working there.

VTB spokesperson noted that they intended to seek repayment of debt by all means available in accordance with the law.

Tags: Courts VTB
Discuss

Recommended

1 / 3