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shares had been seized as part of Ukraine’s sanctions against Russian
oligarch Mikhail Fridman and his associates, who are sanctioned in the West.
VEON was previously controlled by Fridman, who is the owner of Russia’s Alfa
Group and the international investment LettterOne group. However, Fridman
cut ties with VEON following Russia’s invasion of Ukraine last year and plays
no role in the company, VEON’s spokesperson confirmed to bne IntelliNews.
VEON said in a statement that it was reaffirmed its sole and complete
ownership of Kyivstar, repeated its commitment to its employees, customers,
and investors.
"VEON notes and welcomes the subsequent clarification by the State Security
Service of Ukraine noting that “the seizure of corporate rights of Ukrainian
companies does not affect the protection of the interests of foreign investors
and owners of shares of corporate rights, does not hinder their economic
activity and the possibility of receiving dividends",” the statement said as cited
by Interfax Ukraine.
"VEON deeply values its investors’ support for its strategic choices, including
its exit from Russia – one of the most significant corporate exits given VEON’s
public listing and the relative size of the asset – and appreciates the support it
has received from US, UK and EU regulators over the course of the past 19
months," the report says.
"The individuals mentioned in the Security Service announcement [Fridman
and his partners] cannot exercise any rights regarding VEON or Kyivstar, are
not a part of either company’s governance mechanisms, including boards, nor
do they have the ability to control or influence decisions made by VEON or
Kyivstar. They do not derive benefits from VEON or any of its operating
companies. Any actions aimed at the rights, benefits or funds of the
aforementioned individuals cannot legitimately be directed toward Kyivstar or
VEON," according to the statement.
9.2.8 Tourism corporate news 9.2.9 Utilities corporate news
Ukrenergo seeks up to a $200M loan from the EBRD to pay its debts to RES producers. According to the chairman of the Ukrainian Renewable Energy Association board, Stanislav Ignatyev, there are debts between state-owned energy enterprises. In particular, the system operator Ukrenergo has obligations to the state-owned enterprise Guaranteed Buyer, which finances the preferential electricity tariff for the population. Ukrenergo is trying to satisfy these debts with up to $1B in loans and grants from Ukraine's partners. Now, the company is actively working with the EBRD to secure a $150-200M loan to cover its debt to the Guaranteed Buyer. According to official data, Ukrenergo owes ₴29.6B to the Guaranteed Buyer for the payment of services to increase the share of green energy in Ukraine. At the same time, the company calls on the energy regulator to establish a deficit-free tariff for the company's transmission of electricity so that it does not accumulate new debt and is able to service its loans. Due to the tariff's insufficiency, the
91 UKRAINE Country Report November 2023 www.intellinews.com