Official position of national network of supermarkets “Furshet” concerning publications in mass media


We, the Group of companies “Furshet” (hereinafter referred to as the Company), with full responsibility declare the following. Since October 2015 the designed informational attackis carried out which is aimed against “Furshet” network and initiated by one of the Russian banks with the purpose to discredit and to disrupt the Company’s position in the market through the publication in mass media of materials which are biased, obviously false and unfair. The purpose of such publications is an attempt to tarnish our Company’sbusiness image and reputation, to undermine suppliers’ credibility to the network.

The Company has always recognized and recognizes its obligations to the creditors. We are always open for negotiations and stand for a constructive solution of any issue that arises between the parties. Since the Company’s foundation, we have always found compromise solutions with our partners, and these solutions have met the interests of both parties and we have fulfilled and now fulfill our obligations according to such solutions.

As of today “Furshet” has successfully competed restructurings with a number of banks by coming to an agreements on a combined methods of repayment. A variant of the decision, which would satisfy both parties,was confinedeither in buyout of a debt through the factoring company or in acting by the Sales-Lease Back (SLB) pattern or by applying other instruments.The SLB pattern means a financial transaction, under which an asset is transferred to the balance-sheet of the creditor, and then simultaneously transferred back into the financial leasing with the right of buy-out at the end of the leasing period.

The allegations made in mass media about the unconscientious actions of Furshet in respect of “the assets withdrawals which were taken after the creditors had started processes aimed at foreclosure of large real estate objects” are false, as the Company itself offered to all of its creditors to set-off the assets against the outstanding debts; and that has become the foundation of the successful restructurings.

Starting from the year 2013, we performed great job in reaching a compromise solution with Privatbank, Creditprombank, Raiffeisen Bank Aval, OTP Bank, UkrSibbank, and others. By virtue of this, over the last period we were able to decrease the loan portfolio by 78.8% - from USD 186.7 mln. to USD 39.6 mln. (including interest accrued). At the same time, it is sadly to state that as of today, there is a bank, with which we could not get round the negotiating table, notwithstanding our continuous efforts over the last three years.

From the very beginning in 1998, the national trading network “Furshet” has been running of its business financially transparent. The financial results of the Company starting from 2001 are confirmed by the leading auditing company, member of “Big 4”, and are open to public access.

We call upon the business community – our colleagues in the market, creditors and suppliers, to be attentive to the information, refer to the original source, in order not to become a mindless instrument in the hands of the manipulators. We call upon the Mass Media to observe their professional ethics, and high standards of the Ukrainian media, - because today, like never before, the future of the Ukrainian business rests upon the journalists.

Best Regards, the national trading network “Furshet”