PRESS SERVICE INFORMS

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14.06.2019

Estimate investors of the Bank «АRCADA»!

We inform you that the 6th Appellate court issued an order to cancel the permit for construction of the R/C "PATRIOTYKA ON THE LAKES". The Developer and the ARCADA Bank, as a financial partner and holder of investments in this construction, strongly disagree with the court`s decision and, after receiving the full text of the ruling, will appeal to the Supreme Court.

We state that the court decision was unexpected for us, since Bank ARCADA always acts within the framework of the current legislation, observing all norms and rules specified by law. Guided by this principle, we are forced to comply with the court's decision, in order not to create new precedents and not to give grounds for opponents to accuse us of non-compliance with the law. Based on the new circumstances, we made a decision on the temporary withdrawal of equipment from the construction site in order to prevent its damage and minimize losses.

We inform that the lease agreements are currently in force and the developer remains the only manager of this land plot. In view of this and the fact that the site has partly carried out construction work, the object will remain protected.

We emphasize that all events occurring at the "PATRIOTYKA ON THE LAKES" will not in any way affect the construction of residential areas "EVRYKA" and "PATRIOTYKA". Construction work on these sites will continue in accordance with the construction schedules.

Dear Investors! We are living in a country governed by law and we hope that the courts will adhere to the rule of law. Therefore, we will definitely use our right to restore legitimacy, to prove ourselves and to protect the rights and interests of our investors. We are convinced that the Supreme Court will restore justice and, according to the results of the review, cancel the decision to cancel the permit for construction of the R/C "PATRIOTYKA ON THE LAKES".
Dear Investors! ARCADA Bank has been implementing investment projects for housing construction for 26 years and during this whole period, it has never violated its obligations to those who trust us.
We declare that our principles of liability to investors have not changed. We would like to assure you that this time ARCADA Bank will fulfill its obligations.