What happened
On 2 March Australian European Lithium, through its Ukrainian subsidiary LLC "European Lithium Ukraine", purchased the claims on loans of Velta Financial Company (VKF "Velta") owned by Andriy Brodskyi for UAH 894.86 million. Information about the winning bid in the online auction was published in the electronic system Prozorro.Sales.
Deal format and auction mechanics
The Deposit Guarantee Fund sold the claims in a Dutch auction format — with a starting price of UAH 8.95 billion, which fell by roughly 90% during the bidding to the final ~UAH 895 million. The sole participant and winner was LLC "European Lithium Ukraine".
What this means for the parties
For European Lithium, this is part of a larger plan: the company has already announced its intention to acquire 100% of the shares of Velta Holding (the parent structure of Velta's Ukrainian assets), the investor is listed on the ASX (EUR) and co-founded a project listed on NASDAQ (Critical Metals Corp.).
"Buying up debts at open auctions demonstrates the company's intention to invest in Ukrainian deposits even during the war. The first $20 million from the deal will go to the Ukrainian budget"
— Mykhailo Zhernov, shareholder and non-executive director of European Lithium
For his part, Andriy Brodskyi called the auction a procedural step in completing the bank's liquidation and part of the international integration of the business.
"A new era begins for Velta"
— Andriy Brodskyi, CEO and founder of the Velta group
Context of the debt and previous attempts
The loan obligations were issued in 2011 and 2013; they were restructured in 2023 without write-off. The increase in the amount in hryvnias is mainly explained by currency revaluation — the bulk of the debt is denominated in US dollars, and the currency component grew by only ~5%.
Previous attempts to sell the claims in 2022 and in early 2026 had no participants; the current auction is the first successful one.
Why this matters for Ukraine
The money expected to flow to the state budget (the investor’s representative said the first $20 million) is a direct financial effect in a time of need. But the more important long-term dimension is that the deal could accelerate the integration of Ukrainian lithium assets into international supply chains for critical materials and attract technological investment into mining.
Risks and unknowns
The positive impact depends on a number of factors: the successful completion of the transaction with Velta Holding, access to licenses and permits (in 2026 European Lithium did not obtain the "Dobra" site, which was chosen by other investors), and stable regulatory and judicial practice during asset restructuring.
Conclusion
This case is an example of how private investment during wartime can work for the economy: favorable financial conditions combined with international connections offer a chance to turn troubled debt into a resource for development. Now the ball is in the partners' and regulators' court — from declarations and auctions to real investments and projects on Ukrainian soil.
