Hamburg (dpa -AfX) – The site of the insolvent Hamburg shipyard Pella Sietas in the old country is now being auctioned off because of the Russian sanctions. Insolvency administrator Achim Ahrendt said that it is not possible to use the property of Germany’s oldest shipyard about a conventional investor process. November 13th was set as an appointment of the auction, in which all prospective buyers can take part.
Russian Sberbank has a basic right
The background to the auction is a basic right of the Russian Sberbank affected by sanctions. The credit institution was one of the largest creditors in the shipyard before the bankruptcy application as security for the loans issued.
“This is basically a completely normal procedure and would normally have not shown any hurdle in the investor process,” said Ahrendt. However, after the Russian invasion of Ukraine, sanctions were issued against various Russian financial institutions, which also includes Sberbank.
Sanctions prevent transfer to Russian bank
The bank should have received a corresponding share in the sales proceeds to delete the property right, as the insolvency administrator said. However, the sanctions spoken against Russia did not allow such a transaction.
Ahrendt claims that the purchase price in the foreclosure operated by a creditor will not be lower than would be the case with a free -handed recycling. The approximately 14 hectare of the shipyard, which is located directly on the Elbe, has a market value of 25.8 million euros. Before the bankruptcy 2021, Pella Sietas was one of the oldest shipyards in the world. First mentioned in 1635, she was family -owned for over nine generations.
Jucho Kran not part of the auction
On the property there is, among other things, the listed Jucho Kran. This belongs to a leasing company and is not part of the auction, explained the insolvency administrator. The new landowner must clarify with the monument office and the leasing company how to proceed after sale with the crane. It would also have to be clarified with the new owner whether the envelope that is currently still active on the shipyard area.