Ukraine’s Oschadbank sues sanctioned tycoon in London over collapsed loan
Kyiv skyscrapers. Gulliver is on the right (Photo: depositphotos.com)

The Savings Bank of Ukraine (Oschadbank) has engaged international law firm Quinn Emanuel Urquhart & Sullivan and initiated legal proceedings in the London Court of International Arbitration (LCIA) against sanctioned businessman Viktor Polishchuk, the bank’s press service reported on Monday.

The case concerns the recovery of the outstanding debt under a loan granted in 2006 to Tri O, secured by the Gulliver shopping and office complex in central Kyiv.

The basis for the international arbitration is Polishchuk’s personal guarantee. Lavish Ventures Limited, one of the guarantors under the loan agreement, is also named as a defendant.

"Since the collateral for the loan includes a personal guarantee from Viktor Polishchuk that stipulates arbitration at the LCIA, Oschadbank has retained Quinn Emanuel Urquhart & Sullivan, LLP as legal counsel and initiated proceedings against Mr. Polishchuk and Lavish Ventures Limited," the bank said in a statement.

The Gulliver complex, opened in 2013, was financed with loans from Oschadbank and Ukreximbank, originally maturing in 2025. In 2020, amid the economic fallout from the COVID-19 pandemic, the loan was restructured, extending the maturity to 2044, and was further secured by Polishchuk’s personal guarantee. Following the restructuring, the total debt increased to $675 million.

In 2024, amid Russia’s full-scale invasion of Ukraine, the borrower, Tri O, ceased servicing the loan. The banks then launched debt recovery proceedings, including foreclosure on the mortgaged property, which was completed on July 26, 2025.

Gulliver is also currently under asset seizure in connection with a criminal investigation into tax evasion by Tri O. According to the bank, the new owners intend to petition the court to lift the seizure.

According to the latest valuation, Gulliver is worth UAH 7.6 billion, or less than $200 million.

  • Viktor Polishchuk is best known as the former owner of the Gulliver skyscraper and the Eldorado retail chain in Ukraine. He was also the owner of Mykhailivskyi Bank, which went bankrupt in 2016.