THE COURT ANNULLED THE TRANSACTIONS OF ORACLE'S "DAUGHTER" FOR 52.4 MILLION

THE COURT ANNULLED THE TRANSACTIONS OF ORACLE'S "DAUGHTER" FOR 52.4 MILLION

THE COURT ANNULLED THE TRANSACTIONS OF ORACLE'S "DAUGHTER" FOR 52.4 MILLION
The Moscow arbitration court issued a verdict in the bankruptcy case of Oracle's "daughter" in Russia. Several transactions concluded by Oracle Computer Equipment with Megafon (for 44.3 million) and Jet Infosystems (for 8.1 million) were declared invalid. This obliges both organizations to return assets to the debtor in order to replenish the bankruptcy estate. The debt of the company itself to its counterparties will be restored.

The deals were concluded in November 2022. Back in the spring (six months before that), the American Oracle corporation announced that it was leaving the Russian market. Clients, without waiting for the fulfillment of obligations on the part of the company, began to file lawsuits.

The amount of claims against the company in 2022 reached more than 956 million rubles. At the same time, some of the applications (in the amount of 373.3 million) were supported in court. More than 188.8 million were recovered from the company in favor of Marvel CT. The organization had to pay about 111.4 million to the Force Development Center company. Megafon and Jet Infosystems have recovered 44.12 million and 28.6 million, respectively.

As a result, the company, whose revenue in 2021 reached more than 7.8 billion, and profit amounted to 236 million, officially went bankrupt in August 2023. Liabilities worth 1.2 billion were included in the register of creditors' claims.

The bankruptcy trustee had previously demanded to invalidate other transactions that the company had concluded on the eve of bankruptcy. In particular, it was about the transfer of over 240 thousand and assets worth 2.05 million rubles to Antemona. The money was transferred as compensation in connection with the termination of a long-term lease agreement signed at the end of 2022.

16.04.2024