Ukraine court releases extradited former Mriya CEO

A local Ukraine court ruled on Nov. 6 to release on
personal recognizance Mykola Huta, the former CEO of farming holding Mriya
(MRIYA) who is suspected in financial fraud and was extradited to Ukraine from Switzerland earlier this week.
Prosecutors didn’t request Huta’s arrest, claiming they didn’t have the legal
basis, the epravda.com.ua news site reported, citing Interior Minister
Spokesman Mykhaylo Apostol. Appearing to be making claims on behalf of Huta’s
defense, Apostol said it will be hard for prosecutors to prove his alleged
crimes.

Recall, Huta is suspected by the Prosecutor General’s
Office in fraud against Mriya creditors of about UAH 800 mln (EUR 25 mln). His
company Mriya was declared insolvent in 2014 and was taken over by creditors,
who estimated the company’s total debt at USD 1.24 bln as of end-2014. The
company’s former creditors were only able to recover less than USD 0.3 bln of
the company’s USD 1.24 bln debt.

Alexander Paraschiy: Apostol’s
comments confirm the risk that, by returning to Ukraine from Switzerland, Huta
will be able to better defend himself, as well as better withstand pressure
from Mriya’s former creditors. That said, the chance for any additional
recovery of funds that were lost under Huta’s management now looks even less
likely.

Moreover, being in Ukraine, Mykola Huta will likely
intensify his family’s struggle for the last four years to regain control of
Mriya’s assets. But now that will be the problem of Mriya’s new owner, SALIC.