Ukrainian authorities decided to nationalize a number of strategically important enterprises connected with local businessmen Igor Kolomoisky, Vyacheslav Boguslaev, Konstantin Zhevago and Konstantin Grigorishin. The nationalization was reported by the Ukrainian edition of Ekonomicheskaya Pravda in the morning, citing sources at the National Securities Commission and the Stock Exchange, as well as minority shareholders of Ukrnafta. Later, an official announcement regarding the transfer of assets to the state was published on the website of the National Stock Exchange.
It is emphasized that the expropriation process became possible thanks to the law on forced confiscation of property under martial law or a state of emergency, adopted in September. The decision was taken at a meeting of the Headquarters of the Supreme Command of Ukraine on 6 November.
“On November 6, the National Securities and Exchange Commission decided to provide for the mandatory transfer of shares of PJSC Ukrnafta, PJSC Ukrtatnafta, JSC Motor Sich, PJSC AvtoKrAZ and PJSC Zaporizhtransformator into state ownership. Thus, the regulator allowed the shares of these businesses to be written off from the accounts of individuals into the property of the state, ”says the newspaper.
So far, there has been no official statement on whether the state will reimburse former owners and minority shareholders for the cost of the expropriated assets.
According to Verkhovna Rada deputy Yaroslav Zheleznyak, the law “Forced alienation” provides for “compensation for property forcibly alienated under the legal regime of martial law, followed by full repayment of its value over the next five budget periods.”
new status
Oleksiy Danilov, Secretary of the National Security and Defense Council of Ukraine, at today’s briefing announcedThe assets of the companies “Ukrnafta”, JSC “Ukrtatnafta”, JSC “Motor Sich”, PJSC “AvtoKrAZ” and PJSC “Zaporozhtransformator” were transferred to the Ministry of Defense.
The seized assets gained the status of military property, their management was transferred to the Ministry of Defense of Ukraine.
As Danilov clarified, these assets can be returned to their owners after martial law ends.
what are these assets
According to Economic Reality, 42% of the shares of the country’s largest oil company “Uknafta” It is owned by the companies of Kolomoisky. The state represented by NJSC Naftogaz owns 50% plus 1 share. The rest of the papers belong to minority shareholders.
Kolomoisky and his partner Gennady Bogolyubov also own approximately 60% of the shares. “Ukrtatnafta”, the rest is owned by Naftogaz. The Kremenchug oil refinery, one of Ukrtatnafta’s key assets, has been out of operation since May due to constant shelling.
Last week, the Vakhitovsky District Court in Kazan arrested Kolomoisky, Bogolyubov and two other businessmen Alexander Yaroslavsky and Pavel Avcharenko in absentia. According to the researchers, between December 2006 and October 2007 allocated More than 800,000 tons of oil were delivered to the tanks of the CJSC Ukrtatnafta refinery in the Poltava region through the pipeline by Tatneft through intermediaries.
In Ukraine, the case of confiscation of property and funds of Ukrnafta company for about 13 billion hryvnia (about $356 million at current exchange rate) at 2015 prices is currently under investigation. Personally, Kolomoisky has not yet filed any charges, but was arrested in September. calls. In July, Ukrainian news agency UNN reported that President Volodymyr Zelensky had stripped him of his Ukrainian citizenship by a “secret decree”.
“Engine Sich” – one of the largest manufacturers of engines for aircraft and industrial gas turbines. In 2017, its owner, Vyacheslav Boguslaev, tried to sell 56% of the company’s shares to the Chinese conglomerate Beijing Skyrizon Aviation Industry Investment Co Ltd, but the Ukrainian authorities blocked the deal. Boguslaev himself is under arrest, accused of selling aircraft engines to Russia by circumventing restrictions.
“AvtoKrAZ” manufactures heavy vehicles. The company is part of the Finance and Credit group of the oligarch Konstantin Zhevago.
“Zaporozh converter” It belongs to Konstantin Grigorishin. A business producing transformer and reactor equipment had previously gone bankrupt.
business response
Strana’s sources, surrounded by Kolomoisky, said the fact of the expropriation was discovered by chance this morning by registrars and “registration lawyers”. “For Kolomoisky and his entire entourage, it was a shock – no one expected it,” the source said.
“Until now, no one has explained to us the reasons and legal justification for such a decision. There is only unofficial information that the decision to dispose of the shares was taken at the meeting of the Commander-in-Chief,” he said.
According to the source, due to the nationalization, the further work of the 1 + 1 TV channel was called into question, since Kolomoisky was financed from the revenues of oil companies.
According to the Ukrainian Forbes, citing sources in the Presidency, a resolution is being prepared “partly on the fight against the oligarchs and on the work of strategic enterprises during the war.”
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.