#Kinstellar | Explore Tumblr posts and blogs

cyberbenb · 1 year ago

Text

Ukrainian State-Owned Enterprises Weekly – Issue 95

Editor’s Note: This is issue 95 of Ukrainian State-Owned Enterprises Weekly, covering events from June 24-30, 2023. The Kyiv Independent is reposting it with permission.

Ukrainian SOE Weekly is an independent weekly digest based on a compilation of the most important news related to state-owned enterprises (SOEs) and state-owned banks in Ukraine. This publication was produced with the financial support of the European Union within the project “Supporting Ukraine in rebuilding and recovery” implemented by the KSE Institute. The contents of this publication are the sole responsibility of the editorial team of the Ukrainian SOE Weekly and do not necessarily reflect the views of the European Union.

Corporate governance of SOEs

Ukroboronprom officially transformed into a joint-stock company called Ukrainian Defense Industry. On June 28, Minister for Strategic Industries Oleksandr Kamyshin reported that the State Concern Ukroboronprom has been dissolved and replaced by a joint-stock company called Ukrainian Defense Industry (UDI).

According to Kamyshin, the next step in the company’s transformation will be the transfer of staff and property, among other procedures. After that, the supervisory board would be formed according to OECD standards.

According to YouControl, the UDI was registered as a joint stock company on June 28.

The concept of corporate governance reform and conversion of Ukroboronprom, including its target model and detailed action plan, was drafted by Andriy Boytsun, Oleksandr Lysenko, and Dmytro Yablonovskyi, members of the SOE Weekly team, as well as the international law firm Kinstellar, in March 2020. For a discussion of these documents, see the OECD Review of the Corporate Governance of State-Owned Enterprises in Ukraine.

In Issue 59, we reported that in July 2021, the Verkhovna Rada adopted Law 1630-IX (previously known as Draft Law No. 3822) which laid the groundwork for Ukroboronprom’s transformation.

On Dec. 9, 2021, the Cabinet of Ministers approved resolutions and ordinances to convert Ukroboronprom into a joint-stock company. The Cabinet also approved the conversion of Ukroboronprom’s 43 uncorporatized enterprises into joint-stock companies or limited liability companies fully controlled by the state.

As SOE Weekly reported in its Issue 80, the Cabinet said in a press release that it approved the corporatization of Ukroboronprom on March 21. In Issue 83, we reported that the corporatization had not yet begun: The government resolution was not public yet.

In Issue 87, we reported that on May 4, the Cabinet of Ministers published its resolution to convert the Ukroboronprom into the UDI. (See Issue 87 for detail.)

In SOE Weekly (Issue 92), we reported that the conversion of Ukroboronprom into UDI, as required by the Cabinet’s resolution of March 21, was still being blocked.

A year into full-scale invasion, West struggles to seize Russian assets for Ukraine

Hundreds of potential international investors met with top Ukrainian and Western officials in London in late June to discuss how to rebuild the country, ravaged by Russia’s war. Those attending the Ukraine Recovery Conference (URC) were unanimous — Russia should foot the bill. Said bill is devast…

The Kyiv IndependentAlexander Query

Ukroboronprom CEO Yuriy Husiev resigns, the Cabinet appoints Herman Smetanin as the CEO of newly established Ukrainian Defense Industry. On June 27, President Volodymyr Zelensky accepted the resignation of Yuriy Husiev from the post of Ukroboronprom’s CEO.

Husiev had been working as the CEO of Ukroboronprom since December 2020. In a comment about his resignation, he said that the president had entrusted him with reforming Ukroboronprom. According to Husiev, the establishment of the UDI sets the stage for Ukroboronprom’s transformation into a modern high-tech defence company.

According to Ekonomichna Pravda’s (EP) sources, Husiev was dismissed for the Ukroboronprom’s poor performance on his watch.

The EP added that the main problem for Ukroboronprom under Husiev’s leadership was the missile programme (Husiev was the programme coordinator). The EP’s sources said that according to the new plans, approved in 2022, Zelensky was promised that Ukrainian Sapsan missiles would be massively destroying Russian military infrastructure deep in the territory of the Russian Federation in May 2023, but this never happened. Ukroboronprom later acknowledged problems with the implementation of the missile programme.

According to the EP’s sources, Husiev asked the president to transfer him to a diplomatic job in one of the European countries with which Ukraine has close defense contacts, but Zelensky has yet to approve his request.

On June 24, the Cabinet of Ministers appointed Smetanin as the CEO of UDI, effective June 28.

According to the Minister for Strategic Industries, Oleksandr Kamyshin, Smetanin has three main tasks:

to increase the production of ammunition and military equipment;

to build an effective anti-corruption infrastructure in the company; and

to transform the former Ukroboronprom.

The Ministry said that Smetanin had nine years of experience in the defense industry.

According to the EP’s sources in the government, Smetanin has worked his way up from the entry position at a factory to a CEO. The EP said that Smetanin started his career as an engineer at Morozov Design Bureau, then worked at the Lviv Armoured Plant, at the Malyshev Plant as production director, then became the CEO of the Kharkiv Armoured Plant at the age of 28, and soon afterwards, the CEO of the Malyshev Plant. All these SOEs were overseen by Ukroboronprom.

In SOE Weekly (Issue 92), we reported that the transformation of Ukroboronprom into a joint-stock company called the Ukrainian Defense Industry, required by the Cabinet’s resolution of March 21, had been blocked.

The clauses that allowed the new company to be registered were deleted from the draft resolution before it was approved at a Cabinet meeting. A clause designating Husiev as the acting CEO of the new company until a permanent CEO is appointed had been removed.

The transformation has been unblocked and launched recently (see previous item).

Naftogaz’s supervisory board still lacks one member. The Cabinet of Ministers has yet to appoint the seventh member to Naftogaz’s supervisory board, five months after the appointment of the new board in January 2023.

As we reported in SOE Weekly (Issue 72), the Cabinet of Ministers appointed six members to Naftogaz’s supervisory board on Jan. 24.

The new supervisory board includes Anthony Marino (board chair), Tor Martin Anfinnsen, Richard Hookway, and Ludo Van der Heyden as independent members. The state representatives include Rostyslav Shurma and Nataliya Boyko (deputy board chair).

Note that according to Naftogaz’s charter, the supervisory board should consist of seven members: a majority of independent members and a minority of state representatives.

This means that one more member of the supervisory board remains to be appointed, which can be either a state representative or an independent member.

A common reason for not appointing a state representative at a Ukrainian SOE is the failure of the government-nominated candidate to pass the clearance of the SOE Nomination Committee. Since January, the Cabinet has not indicated why Naftogaz’s seventh board member – either a state representative or independent member – has not been appointed yet, or who that person would be.

‘It’s a lottery’: How Ukraine’s assault brigade counterattacks near Bakhmut

Editor’s note: The Kyiv Independent spent a day with soldiers from the 80th Separate Assault Brigade in June, and the story is comprised of interviews with them about their experience near Bakhmut. The soldiers are identified by their names or callsigns, and their deployment locations are not reveal…

The Kyiv IndependentAsami Terajima

Ukrenergo’s supervisory board still lacks one independent member. The Cabinet of Ministers has yet to select and approve one independent member for Ukrenergo’s supervisory board, more than a year after Dejan Ostojic’s termination of powers, in April 2022.

The Law on Management of Objects of State Property requires that the supervisory board of an SOE should have a majority of independent members. According to Ukrenergo’s charter, the supervisory board should consist of seven members: four independent members and three state representatives.

According to the current information on Ukrenergo’s website, the supervisory board now has three independent members (Peder Andreasen, Daniel Dobbeni, and Roman Pionkowski) and three state representatives (Yuriy Boyko, Yuriy Tokarskyi, and Oleksandr Baraniuk).

Hence, independent members do not constitute a majority of the board, which does not meet the requirements of the law or Ukrenergo’s charter.

Since April 2022, the Cabinet has not indicated why the missing independent member has not been appointed to date, or who that person would be.

Remarkably, it appears from Ukrenergo’s website that the board has no chairperson and no committees. No other public information is available, including Ukrenergo’s official disclosures, that would indicate that a chairperson has been elected or board committees have been established.

In case of board chair, this suggests that the board must elect a chair every time for each of its meetings.

In case of board committees, this suggests that Ukrenergo’s supervisory board does not comply with the law. Specifically, the Law on Joint-Stock Companies requires that Ukrenergo should have at least an audit committee and a nomination and remuneration committee.

As we reported in SOE Weekly (Issue 55), Ukrenergo’s most recent supervisory board was appointed on Dec. 9, 2021. At first, it consisted of seven members, four of whom were independent: Peder Andreasen, Daniel Dobbeni, Dejan Ostojic, and Roman Pionkowski. Yuriy Tokarskyi and Mykhailo Ilnytsky were approved as the state representatives.

It appeared that the third state representative, Yuriy Boyko, had been approved by the Cabinet back in July 2021, but the Ministry of Energy never appointed him to Ukrenergo’s supervisory board until Dec. 9, 2021.

At that time, Ilnytsky continued to serve as the CEO of Chernihivoblenergo. In that case, it was likely that according to the Law on Management of Objects of State Property, he could not serve on the supervisory board of Ukrenergo because Chernihivoblenergo operates in an adjacent market.

It was also likely that Ilnytsky could not have been a member of Ukrenergo’s supervisory board under the Law on Electricity Market, because, among other things, this law prohibits an official of an energy distribution company from being a member of the supervisory board of a transmission system operator. (See Issue 55 for detail.)

On Dec. 29, 2021, the Cabinet canceled the approval of the candidacy of Ilnytsky and approved the candidacy of Oleksandr Baraniuk. On Jan. 5, 2022, Ilnytsky’s powers were terminated. On the same day, Baraniuk was appointed as a state representative instead of Ilnytsky. Thus, Ilnytsky held the position of the state representative on Ukrenergo’s supervisory board for 28 days.

On April 13, 2022, Ostojic’s powers as an independent member were terminated due to his file for resignation. No one has been appointed instead.

This Week in Ukraine Ep. 14 – Wagner’s mutiny attempt in Russia, and its consequences

Episode #14 of our weekly video podcast “This Week in Ukraine” is dedicated to Wagner mercenary group’s failed attempt to take on the Russian military establishment and its consequences. Host Anastasiia Lapatina is joined by the Kyiv Independent’s reporter Francis Farrell. Listen to the audio vers…

The Kyiv IndependentAnastasiia Lapatina

Cabinet approves the plan for Energoatom’s corporatization. On June 27, the Cabinet of Ministers approved the plan to convert state nuclear operator Energoatom into a joint-stock company to comply with the law.

According to the Ministry of Economy, the plan sets out the corporatization procedure for Energoatom, which should start in June 2023 and should be completed by converting Energoatom into a joint-stock company in December 2023. This plan also envisages that the new supervisory board and management should be formed by March 2024.

In SOE Weekly (Issue 74), we reported that the Verkhovna Rada adopted Draft Law No. 8067 on the corporatisation of Energoatom on Feb. 6.

In Issue 79, we reported that corporate governance reform of Energoatom was among the government’s priorities for 2023. According to the Cabinet’s Priority Action Plan, Energoatom was to be converted into a joint-stock company by May 2023. The nuclear power operator is also slated to receive a competitively selected supervisory board with an independent majority. The deadline was November 2023.

In Issue 80, we reported that, on March 17, Zelensky signed the law on the corporatization of Energoatom.

In Issue 86, we reported that the Cabinet approved the conversion of Energoatom into a joint-stock company.

For a detailed account on the corporatization of Energoatom, see SOE Weekly’s Issues 41, 53, 58, 69, 74, 79, 80, and 86.

Plans to establish a sovereign wealth fund

Dag Detter shares his views on Ukraine’s plans to manage public assets. Following the SOE Weekly’s publication of the State Property Fund’s plans to centralize the management of state-owned commercial assets (see Issue 93), renowned Swedish expert Dag Detter shared his views in columns for the influential Politico and Ekonomichna Pravda (EP).

Detter is the author of the award-winning book “The Public Wealth of Nations”. He led the restructuring of the Swedish portfolio of state-owned assets.

In his column for Politico, Detter highlighted the following key points:

“Restructuring the state-owned sector and establishing internal revenue streams will influence international donor flows. Demonstrating Ukraine’s ability to fund its own reconstruction, as well as avoidance of waste, will be crucial to ensuring the efficient utilization of international donor funds.”

“The focus needs to be on value maximization through a single objective approach – framing the process in financial terms with clear targets and timelines proves more effective than viewing it solely as corporate governance reform.”

“The consolidation of ownership and governance into an independent holding company – commonly referred to as a PWF (public wealth fund) – is crucial, as this centralization facilitates the introduction of private sector discipline, ensuring clear responsibility, accountability and an approach aligned with private ownership principles.”

“Professional ownership of public commercial assets is essential to achieving efficiency, higher yields, and increased productivity and investment. It requires professional managers who prioritize commercial goals. And principles of good governance – including transparency, clear objectives, and political insulation – need to be upheld to maximize returns.”

“The efficient management of public assets will be pivotal to recovery. And rigorous, professional and commercially driven management of the country’s public assets should also be central to the EU’s support program for Ukraine and its accession process.”

Sinking memories. Kherson residents recover after Kakhovka dam disaster (PHOTOS)

Editor’s note: The following is a photo essay and a personal reflection on the flooding of Kherson by Ukrainian photographer Anastasia Vlasova, a native of Kherson. Vlasova returned to her hometown days after Russia destroyed Kakhovka dam in early June, resulting in a catastrophic flooding of many c…

The Kyiv IndependentAnastasia Vlasova

In a column for the EP, Detter wrote the following key points:

“Given the scale of the state-owned sector and its presence in many competitive industries such as energy, transport, finance, manufacturing, and real estate, private investment will seek assurance that the state portfolio operates on strictly commercial grounds without policy-driven biases, unfair advantages, or market distortions.”

“Due to the obvious conflict of interest in its role as a regulator and owner of commercial assets, the government would benefit from placing the portfolio of assets in a separate eco-system – a Public Wealth Fund (PWF). This should be at an arms-length distance from the regulatory role of line ministries, as has been done in Singapore with its PWF Temasek.”

“The Ministry of Finance should be held solely responsible and accountable as the official owner of the PWF.”

“The PWF would thereby act as a financial instrument to generate additional revenues for the government, improve debt sustainability and ultimately lower the government’s cost of capital.”

“This differs from a Sovereign Wealth Fund (SWF) such as the GIC in Singapore, which is primarily concerned with managing reserve liquidity, typically investing in securities traded on major mature markets. SWFs are designed to optimize a portfolio by trading securities to balance risk and returns and not seldom under the custodianship of the central bank.”

“Ukraine would do well to model its PWF after Temasek and Singapore rather than on resource-rich countries that use PWFs to diversify their economy from their dependence on commodities.”

“In the wrong hands, a PWF can fail in its ambition to deliver fiscal space and economic growth, as the PWF in Greece set up after the GFC (global financial crisis), or be used against society, such as in the case of the many such funds controlled by the military in countries such as Egypt, Pakistan, and Myanmar. The 1MDB, the PWF of Malaysia, is another example where more than $4.5 billion was diverted to benefit government officials, including prime minister Najib Razak.”

“International involvement is vital to ensure the holding structure’s correct establishment and support reformers within the Ukrainian administration. Utilizing capital markets would encourage transparency and attract international investors.”

In SOE Weekly’s Issue 93, we reported that the head of the SPFU Rustem Umerov said that the SPFU was working out plans to centralize state property management, which include setting up a sovereign wealth fund, a land bank, and a real estate investment fund. For more detail and analysis, see Issue 93.

Ukraine war latest: Ukraine lacks necessary equipment but still advances, Zaluzhnyi says in rare interview

Key developments on June 30: * Zaluzhnyi: Advances daily despite lack of necessary Western equipment * Ukraine to strengthen northern borders, Zelensky says * EU wants interest from Russian money to help Ukraine Ukraine’s forces advance daily by “at least 500 meters” during the summer counterof…

The Kyiv IndependentAlexander Khrebet

Energy

Cabinet approves the terms of restructuring of Naftogaz’s defaulted Eurobonds. On June 24, the Cabinet of Ministers (as the shareholder of Naftogaz) agreed on the term sheet to restructure Naftogaz’s Eurobonds maturing in July 2022 and November 2026. The relevant resolution was published on the Cabinet’s website on June 26.

According to Naftogaz, the transaction is expected to be completed by the end of summer 2023.

In SOE Weekly (Issue 90), we reported that Naftogaz reached agreements with investors on ways to restructure Eurobonds maturing in July 2022 and November 2026. See Issue 90 for the restructuring terms.

In Issue 75, we reported that Naftogaz was trying to restructure its 2022 and 2026 Eurobond liabilities with financial advisor Lazard and legal advisor Freshfields Bruckhaus Deringer.

In Issue 68, we reported that Naftogaz defaulted on its Eurobonds on July 26, 2022, due to the Cabinet of Ministers’ refusal to approve payments on them. See Issue 68 for more detail.

Confiscation of the aggressor state’s assets, nationalization, and asset seizure

The Ministry of Justice wants to seize the assets of Russian oligarchs Babakov, Giner, and Voevodin. On June 28, the Ministry of Justice reported that it has filed a lawsuit with the High Anti-Corruption Court (HACC) to recover the assets of VS Energy’s owners – Russian oligarchs Aleksandr Babakov, Yevgenii Giner, and Mikhail Voevodin – for the benefit of the state.

The claim for asset forfeiture also applies to others related to the oligarchs and essentially acting as nominees, Inna Bohatykh, the head of the Ministry’s Sanctions Policy Department, explained. She called the case “the main sanctions battle.”

The Ministry of Justice is seeking to seize the corporate rights of:

8 regional power distribution companies (oblenergos);

6 hotels (Premier Hotels & Resorts chain);

2 industrial facilities (in particular, Dniprospetsstal in Zaporizhzhia);

shopping centers (Metrograd and Metropolis in Kyiv); and

other corporate rights of 31 legal entities.

According to the EP, VS Energy’s non-public beneficiaries are Voevodin, known in criminal circles as Misha Luzhnetskiy; Giner, the former president of the football club CSKA Moscow; and Babakov, deputy chairman of the State Duma, the lower house of Russia’s parliament.

In May 2022, VS Energy stated that Giner, Voevodin, and Babakov have not been involved in Ukrainian oblenergos since 2014, and their beneficiaries are Valts Vigants, Vilis Dambins, and Arturs Altbergs (all citizens of Latvia) and Marina Yaroslavska and Oleg Sizerman (citizens of Germany).

According to the company’s website, VS Energy currently owns stakes in Khersonoblenergo, Kirovohradoblenergo, Zhytomyroblenergo, Rivneoblenergo, and Chernivtsioblenergo.

On May 12, Zelensky signed decrees imposing sanctions on legal entities and individuals, including VS Energy International NV. All of the above-mentioned nominee owners of VS Energy were included in the new sanctions list.

Chechen veteran battalion fighting Russia: ‘When Chechens are independent, they pick this side’

Moscow has fought bitterly to avoid giving up control over the lands it conquered over the centuries �� and made many enemies in the process. Now, as Russia is leading yet another war of conquest, in Ukraine, many of those enemies have joined Ukrainians on the battlefield to fight

The Kyiv IndependentIgor Kossov

0 notes

mhhposts · 6 years ago

Text

Большая приватизация и обвинение ФГИУ в махинациях… Медиа-рейтинг юридических компаний за сентябрь 2018 года

New Post has been published on https://www.agtl.com.ua/legal/bolshaia-privatizaciia-i-obvinenie-fgiy-v-mahinaciiah-media-reiting-uridicheskih-kompanii-za-sentiabr-2018-goda.html

Большая приватизация и обвинение ФГИУ в махинациях… Медиа-рейтинг юридических компаний за сентябрь 2018 года

Представляем вам новый проект ЮРЛІГА, в котором мы отслеживаем статистику упоминания юридических компаний в украинском медиа-поле

С помощью системы медиа-мониторинга и контент-анализа Semantrum от компании ЛІГА:ЗАКОН мы проанализировали количество и качество упоминаний юридических компаний в медиа-пространстве за сентябрь.

По результатам анализа среди юридических фирм в украинских СМИ и социальных сетях наиболее упоминаемыми стали:

«Ильяшев и Партнеры» — 145 упоминаний

Одним из наиболее значимых информповодов (32 публикации) для лидера сентября стала победа (пока в первой инстанции) в деле о признании и исполнении на территории Украины решения МКАС при ТПП Российской Федерации.

Данным решением предписывалось взыскать с государственного предприятия «Укринтерэнерго» в пользу ЗАО «Интер РАО ЕЭС» задолженность по оплате электроэнергии, поставленной в неконтролируемые части Донбасса в 2014 — 2015 годах. Юристам «Ильяшев и Партнеры» удалось получить отказ в его признании и исполнении на территории Украины.

Также достаточно часто представлены комментарии юристов компании по тематике купли-продажи недвижимости (27 упоминаний) и новость о консультировании одной из криптобирж (12 публикаций).

Baker McKenzie — 132 упоминания

Значительная часть упоминаний (36 публикаций) — это материалы на тему заявления участников международной сети консалтинговых фирм Grant Thornton International о наличии грубых правонарушений при проведении вторых этапов 30 — 31 июля 2018 года конкурсов по отбору советников для подготовки к продаже ЧАО «Индар», ПАО «Объединенная горнохимическая компания», ПАО «Одесский припортовый завод» и госпредприятия «Завод «Электротяжмаш» и «Угольная компания «Краснолиманская». Baker McKenzie были одним из участников этого конкурса.

И в целом тематика приватизации стала одним из ключевых драйверов медиауспеха компании. Публикации на эту тему принесли Baker McKenzie 78 упоминаний.

Sayenko Kharenko — 132 упоминания

Упоминания о компании распределились достаточно равномерно, однако можно выделить несколько тематик, которые все же дали определенный всплеск интереса.

Прежде всего, это «поход во власть» представителей компании. Избрание Татьяны Слипачук в члены ЦИК в сентябре принесло компании 11 упоминаний (спойлер — в октябре будет гораздо больше). А вот о предыдущей деятельности Сергея Верланова, еще в июле ставшего замминистра финансов, вспомнили 28 раз, причем основная тематика публикаций касалась разных аспектов его текущей работы.

Также достаточно активно обсуждалась тематика сотрудничества компании с Владимиром Гройсманом (15 упоминаний) и ряд проектов, которые сопровождались юристами Sayenko Kharenko в отрасли энергетики (суммарно 11 упоминаний).

Asters — 131 упоминание

Совершенно ожидаемо, что крупнейшее слияние на юридическом рынке Украины стало одной из основных тем публикаций. Суммарные медийные дивиденды Asters от этой сделки в сентябре можно оценить в 46 уникальных публикаций.

Однако активно освещались и другие вопросы деятельности компании. Так, участие компании в качестве национального советника в деле о взыскании в пользу России по еврооблигациям Украины, которое рассматривается в Лондоне, нашло отражение в 17 уникальных публикациях сентября.

Также широкий резонанс вызывают споры Игоря Коломойского с государством вокруг Приватбанка. Напомним, что Asters представляет интересы банка, о чем в течение сентября упоминалось 12 раз.

Aver Lex — 131 упоминание

Практически все упоминания компании связаны с ее самым громким делом — представительством интересов Виктора Януковича. Стоит отметить также, что для Aver Lex характерна большая персонализация упоминаний, нежели для предыдущих компаний. Партнеры Ольга Просянюк и Виктор Сердюк упомянуты в каждой третьей публикации, в которой встречается название компании.

В целом же топ-15 наиболее упоминаемых в СМИ юридических компаний выглядит следующим образом:

«Ильяшев и Партнеры»

145 упоминаний

2-3

Baker McKenzie

132 упоминания

2-3

Sayenko Kharenko

132 упоминания

4-5

Asters

131 упоминание

4-5

Aver Lex

131 упоминание

Juscutum

88 упоминаний

Kinstellar

78 упоминаний

AEQUO

67 упоминаний

Redcliffe Partners

65 упоминаний

10.

Eterna Law

64 упоминания

11.

Barristers

61 упоминание

12.

Василь Кисиль и партнеры

55 упоминаний

13.

Егоров, Пугинский, Афанасьев и Партнеры

54 упоминания

14.

Arzinger

51 упоминание

15.

Jurimex

50 упоминаний

За скобки вынесем представителей Большой четверки, которые вырвались далеко вперед по частоте упоминаний, принимая участие в конкурсах по отбору советников для большой приватизации. Данный успех обеспечен в том числе и тем, что информационные поводы генерировали и «неюридические» подразделения.

Поэтому для них мы сделали свой мини-рейтинг, в котором первое место досталось EY с 274 упоминаниями.

Широкое упоминание обеспечили публикации относительно обвинений ФГИУ в махинациях при отборе в упомянутом конкурсе советников по приватизации.

Еще 68 публикаций посвящены успеху консорциума во главе с «Конкорд Консалтинг», в состав которого вошла EY, в отборе инвестсоветника ��о приватизации четырех ТЭЦ.

Второе место этого мини-рейтинга заняла KPMG-Украина с 264 упоминаниями.

Из этих публикаций 48 относятся к уже дважды упомянутому скандалу вокруг заявления Grant Thornton International. Также компания упоминается в контексте новости о получении Фондом госимущества трех заяв��к на советника по приватизации ТЭЦ, по одной — на продажу «Орианы», «Сумыхимпром» и «Укргазлизинга» (суммарно 20 публикаций). Также широко отражено в информационном поле сотрудничество с коммунальным предприятием «Киевтеплоэнерго» (20 упоминаний).

В свою очередь PwC «набрали» 201 упоминание.

При этом PwC Legal внесли в данный результат весомый вклад — поданный юристами компании иск в районный суд Дрогобыча об отмене моратория на продажу земли (что может стать прецедентом для отмены многолетнего запрета на продажу сельхозугодий) нашел отражение в 32 источниках.

Всего в ходе подготовки данного материала было проанализировано 150 информационных сайтов, а также публикации в Facebook, Twitter, ВКонтакте и YouTube. Найдено 3005 уникальных публикаций, в которых была упомянута хотя бы одна из 66 компаний, отобранных нами на основании данных различных юридических рейтингов и исследований последних 3-х лет.

Не учитывались публикации на персональных страницах сотрудников компании в соцсетях. Дословные републикации в разных источниках засчитывались как одно упоминание.

Под упоминанием понимается указание названия компании в заголовке, тексте либо подписи к публикации, в том числе как часть должности сотрудника компании. Если в одном материале название компании встречается несколько раз, учитывается только первое упоминание.

С использованными при подготовке материала данными можно ознакомиться более подробно, перейдя по ссылке.

Источник: jurliga.ligazakon.ua

Остались вопросы? Обращайтесь!

УСЛУГИ АДВОКАТА

0 notes

blogkaspian · 6 years ago

Text

Akčný september v skateparku:

Počas mesiaca september sa v miestnom petržalskom skateparku uskutočnili súťaže Scoot Jam 2018, a taktiež Better sport life Jam 2018, ktorý je taktiež siedmym kolom v rámci Slovenského freestyle BMX pohára. Obidve súťaže boli výsledkom dlhodobej a systematickej práce s mládežou, čo zahŕňalo pracovné stretnutia, úpravu areálu pre potreby jazdcov, revitalizáciu jazdných prekážok a mnoho ďalšieho. V rámci súťaže Scoot Jam 2018 si jazdci na kolobežkách zmerali sily vo viacerých súťažných kategóriách. Jazdci na BMX sa zase predstavili v súťaži Better sport life Jam 2018, ktorá predstavovala aj zavŕšenie bohatej sezóny Slovenského freestyle BMX pohára.

V priebehu tohto mesiaca bola spustená rekonštrukcia najobľúbenejšej, no taktiež najnákladnejšej jazdnej prekážky a to tzv. U-rampy. Tú nám pôvodne v priebehu minulého kalendárneho roka podpálili. Keďže došlo k značnému poškodeniu, ktoré neumožňovalo jazdu, bolo nutné realizovať demontá��. Práve tento moment posunul mladých návštevníkov a členov miestnej komunity k snahe získať financie na jej rekonštrukciu, čo sa konečne tento rok aj podarilo.

Tieto aktivity, ktoré podporujú zmysluplné trávenie voľného času u detí a mládeže sa uskutočnili vďaka Nadácii Volkswagen Slovakia, finančnej podpore Bratislavského samosprávneho kraja, spoločnosti Kinstellar, Bonky bike, Better Sport Life a ďalších partnerov, za čo im patrí obrovská vďaka.

0 notes

cij-journal · 7 years ago

Text

Corpus Sireo buys Oasis Florenc in Prague 8

Corpus Sireo Real Estate acquired the Oasis Florenc office building in Prague from a private investor. The price of the deal was not disclosed. The property will be added to Corpus Sireo’s pan-European DEREIF SICAV-FIS fund. CBRE and Kinstellar advised the seller, while TPA and bpv Braun Partners represented Corpus Sireo. The project, completed in 2007, offers 18,700 sqm of... http://dlvr.it/Pw5dxl

0 notes

mattlintoncarpets · 7 years ago

Text

Kinstellar advises Mohawk in connection with Emilceramica acquisition https://t.co/BzKbO84nKv #flooring

from http://twitter.com/mattlintonherts via Carpets Hertfordshire

#Twitter #Carpets Hertfordshire

0 notes

news247worldpress-blog · 8 years ago

Text

Legal500.com : ROMANIA # WHITE-COLLAR CRIME # LAW FIRM AND LEADING LAWYER RANKINGS

WHITE-COLLAR CRIME 1 Buduşan, Albu şi Asociaţii Mareş, Danilescu & Mareş Muşat & Asociaţii Şerban & Asociatii 2 CMS Kinstellar Popovici Niţu Stoica & Asociaţii Schoenherr şi Asociaţii SCA Ţuca Zbârcea & Asociaţii 3 Bondoc & Asociatii SCA in alliance with White & Case ONV Law Vernon | David Zamfirescu Racoţi & Partners LEADING INDIVIDUALS 1 Mihai Mares – Mareş, Danilescu & Mareş NEXT GENERATION…

View On WordPress

0 notes

kpmgtoday · 8 years ago

Text

Kinstellar's joint energy client seminar with <b>KPMG</b>

Kinstellar's Budapest office held a successful joint energy client seminar together with KPMG Hungary regarding the EU Commission's new energy ... Delivered by KPMG Today (@KPMG_TO) Read more here Follow @KPMG_TO on Twitter to get latest updates

#KPMGToday

0 notes

lizseyi · 5 months ago

Text

Expanding Opportunities For Retail Investors In Kazakhstan: AIFC's Influence On The New Legislative Framework – Kinstellar

According to the official website of the Government of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market is working on a new legislative proposal with the goal of broadening the participation of retail investors in collective investment schemes (the "CIS") across Kazakhstan. Currently, the CIS retail business is mainly possible within the Astana International Financial Centre (AIFC). While this could be seen as competition with the AIFC, in the long term, the adoption of such a law will help create a solid platform for the development of funds not only within the AIFC but also throughout Kazakhstan.

In these proposed innovations, we see the influence of the flexible regime for collective investments existing in the AIFC. It's evident that the current regime in Kazakhstan is not as flexible, and therefore, the introduction of these innovations (as mentioned on the Government's website) is a positive step forward. Investors may still choose the AIFC due to various existing tax incentives there. However, these innovations could potentially open doors for investors within Kazakhstan, generally, as well.

The draft law outlines three major innovations:

Expansion of Capital Sources: The new law firm will allow the creation of funds in any organizational and legal form. Existing legislation (i.e., in Kazakhstan outside of the AIFC) permits the establishment of funds only in two forms – unit investment funds and joint-stock investment funds. Upon the law’s adoption, founders will have the option to establish funds in any form, including limited liability partnerships, limited partnerships, and simple partnerships. This flexibility is currently available only within the AIFC.

New Fund Classification Based on Investor Qualification: Funds will be classified into two categories – securities investment funds and alternative investment funds. Access to securities investment funds will be available to both qualified and non-qualified investors, as these funds will invest in highly liquid and low-risk instruments. Conversely, alternative investment funds will be accessible only to qualified investors due to their riskier management strategies. This will ensure the proper protection of non-qualified investors' rights and interests while expanding investment opportunities for qualified investors. Again, this flexibility currently exists within the AIFC, and extending it to the general regime in Kazakhstan will undoubtedly boost the development of funds within Kazakhstan.

Increased Transparency for Alternative Investment Funds: Requirements for accounting registration with the authorised state body and disclosure of information will be introduced for alternative investment funds. Currently, reporting requirements apply only to professional securities market participants managing unit and joint-stock investment funds.

According to the World Bank experts, the adoption of this law will positively impact the further development of the collective investment market by creating a regulatory environment understandable to foreign investors and aligned with best international practices. The regulatory approaches outlined in the draft law will allow Kazakhstani investment and venture funds to be included in the UCITS (Undertakings for Collective Investment in Transferable Securities) and AIF (Alternative Investment Funds) indices, thereby attracting foreign investments.

The AIFC's Influence on the new legislative framework may establish a pivotal foundation for Kazakhstan's investment landscape. By embracing a comprehensive legislative overhaul, kinstellar Kazakhstan may enhance accessibility to investment vehicles beyond the AIFC and attract global investors through transparent and aligned regulatory frameworks. These initiatives may position Kazakhstan on a trajectory towards broader economic integration and heightened investment attractiveness, promising a future where retail investors can thrive in a dynamic and inclusive financial environment.

While it is still early to assess the full impact of these innovations, the fact that such measures are being considered is a positive indicator of progress in financial market development.

#kinstellar

0 notes

lizseyi · 8 months ago

Text

Kinstellar - Consumer & Retail Law Firm Working In Central Europe

Consumer & retail law firm - We have a keen understanding of the legal and business challenges facing companies in the consumer & retail sector. Kinstellar lawyers have advised major sector companies on a wide range of multi-jurisdictional legal issues relating to corporate M&A, financings, intellectual property, competition and tax. Our experts have developed a number of effective solutions for market-leading companies, enabling them to optimise their business processes while meeting legislative requirements and market conditions.

#Kinstellar

0 notes

lizseyi · 11 months ago

Text

Kinstellar Appoints New Sector And Service Line Heads And Head Of German Desk

Kinstellar supports professional growth by offering a broad range of career development opportunities for our team, including the role of sector/service line head or co-head. We provide growth opportunities to all of our talented lawyers with the relevant experience and an outstanding track record.

We are delighted to announce the following appointments:

Csilla Andrékó, Partner in our Budapest office, is the Co-Head of the firm-wide Banking & Finance Service Line. Csilla is one of the founders of the Firm and the former Managing Partner of the Budapest office. Csilla also served as the head of the regional Banking & Finance and Restructuring & Insolvency Service Lines. She retired from active practice last year, but has remained close to the firm and is a valued mentor to our team. Csilla has agreed to step out of retirement to help refresh and guide our Banking & Finance service line.

Csilla has over 30 years of experience in project and acquisition finance, restructuring and insolvency matters, PPP/PFI finance, international banking and syndicated lending as well as in capital markets. She is a leading name and authority among her peers with an outstanding career, and we are confident that, under her guidance, we will continue building a strong and acknowledged service.

Magdalena Răducanu, Special Counsel in our Bucharest office, is the Co-Head of the firm-wide Banking & Finance Service Line. She has more than 22 years of experience advising leading banks, financial institutions and borrowers on banking and finance matters. Since joining the Firm and our Banking & Finance Service Line in 2021, Magdalena has advised or coordinated banking mandates totalling EUR 4 billion.

Magdalena has expertise in a broad range of banking and finance matters, having dedicated her focus exclusively to this area and to financial regulatory matters. Lately, she has focused significant efforts assisting banks on various ESG-related mandates.

Miloš Velimirović, the Managing Partner of our Belgrade office, is the Co-Head of the firm-wide Financial Institutions sector. He co-leads the sector alongside Diana Dimova, Managing Partner of our Sofia office.

With more than 15 years of experience in banking & finance, Miloš has advised companies and financial institutions on issues associated with the regulation of the financial services sector and on M&A, data protection, project financing, and other general matters. He has participated in complex financial transactions of corporate clients, government, municipalities, and state-owned entities with a total value of over EUR 2 billion. Miloš is particularly active in investment funds regulatory matters and the fintech industry.

Before joining SOG Law Firm and subsequently Kinstellar, Miloš worked as the Head of Serbia’s Public Finance Department, served as a member of the Credit Committee at Hypo Alpe-Adria Bank, and was Finance Specialist at the World Bank Competitiveness and Jobs project. His combined education in law, finance, and business, as well as his background in banking, enable him to provide clients with comprehensive advice. His experience in public offices and position with the World Bank make him well positioned to advise clients cooperating with public authorities and institutions.

Jan Lehký, Counsel in our Prague office, is the Co-Head of the firm-wide Environmental, Social and Governance (ESG) service line. He co-leads the sector alongside Olena Kuchynska, Managing Partner of our Kyiv office.

With more than 15 years of experience, Jan focuses on a range of ESG and regulatory issues with a focus on helping investors with ESG and governance strategies, including navigating ESG transparency, ESG disclosures and reporting, environmental regulation, circular economy issues, ESG litigation risk, and ESG-related obligations and risk assessments. His expertise also includes structuring real estate transactions, such as acquisitions of real estate portfolios, construction law, and the permitting process during various stages of development, as well as advising on high-value, long-term lease agreements, title insurance, litigation, and general commercial and contract law.

Lukáš Mrázik, Managing Associate in our Bratislava office and Co-Head of the firm-wide Data & Cybersecurity service line, is also Co-Head of the firm-wide Technology, Media & Telecommunications (TMT) sector. He co-leads the sector alongside Viliam Myšička, Partner in our Bratislava office.

Lukáš has over eight years of experience focusing on the Technology, Media & Telecommunications and Life Sciences & Healthcare sectors, with particular expertise in data protection, intellectual property and corporate matters. Lukáš holds CIPP/E, CIPT and CIPP/US certifications awarded by the International Association of Privacy Professionals.

Prior to joining Kinstellar, he worked in London as an Associate at a global consulting firm owned by a leading technology company, where he assisted on privacy and data protection issues and all aspects of GDPR implementation.

Iustinian Captariu, Partner in our Bucharest office, is the Head of the firm-wide Energy & Natural Resources sector and service line.

Iustin has over 15 years of experience advising local and international clients on all aspects of energy law, including energy M&A, renewable investments and developments, upstream projects, joint-ventures, reorganisations, disputes, licensing, and all types of regulatory matters.

Lukáš Ševčík, the Managing Partner of the Prague office and the firm-wide Head of the Defence & Security sector, has been appointed to lead our German Desk.

Lukáš is a German-qualified lawyer, educated and trained in Germany and is a member of the Frankfurt Bar Association. He has 30 years of experience advising international clients on their investments and divestitures in CEE. For further reference, please also visit our dedicated German Desk webpage (in German).

Lukáš Ševčík Managing Partner

+420 221 622 [email protected]

Miloš Velimirović Managing Partner

+381 63 555 156 [email protected]

#Kinstellar

0 notes

lizseyi · 1 year ago

Text

Kristof Ferenczi is appointed Firm Managing Partner of Kinstellar (Detail) - Kinstellar

Kinstellar is delighted to announce that KristófFerenczi has been appointed as new Firm Managing Partner effective from 1 January 2024. He will succeed PatrikBolf, who will take on a new position within the Firm focusing on certain firm-wide projects, after having spent a very successful six years in the role.

KristófFerenczi has extensive executive management experience having served on Kinstellar’s Firm Management Committee since 2018 and as the Managing Partner of the Firm’s Budapest office. With over 20 years of experience, Kristóf has been with Kinstellar since the Firm’s foundation 15 years ago, and prior to that with Linklaters and DLA Piper.

Kristóf is a very well-regarded energy sector specialist and has served for many years as Head of Kinstellar’s energy sector team, building a successful and respected firm-wide energy sector practice. Kristóf has been consistently recognised as a Top Tier lawyer by the leading international legal directories Chambers Europe, Legal 500, IFLR1000 and other benchmark publications. His leadership, strategic vision, and dedication to the Firm have earned him a reputation as a respected and accomplished professional among his colleagues, clients and peers.

In his new role, Kristóf will seek to drive innovation and growth, focus on keeping clients’ needs at the centre of everything Kinstellar does and thereby further enhancing the firm’s excellent standing across the dynamically changing business environments of Central and South-Eastern Europe and Central Asia.

BalázsSepsey will succeed KristófFerenczi as Office Managing Partnerof Kinstellar’s Budapest office as of 1 January 2024.

For more information, please contact Adela Ene at [email protected].

KristófFerenczi Managing Partner

+36 1 428 [email protected]

#Kinstellar

0 notes

lizseyi · 2 months ago

Text

Kinstellar Advises Strickland Metals In Major Gold Mining Acquisition In Serbia

SOG in cooperation with Kinstellar is proud to announce its role as legal counsel to Strickland Metals Limited, an ASX-listed mineral exploration company from Australia, on its acquisition of Zlatna Reka Resources d.o.o. Beograd-Vracar. This acquisition marks a significant development in Serbia’s burgeoning mining industry, as the project holds an impressive 5.4 million ounce gold resource.

Kinstellar’s team, led by Senior Associates Sara Ostojić and Mario Kijanović, as well as Associate Vuk Vučković, provided comprehensive legal services for this acquisition. Our involvement included a thorough legal due diligence of the mining titles, permits, and accompanying documentation of the target company.

Zlatna Reka Resources, whose sole shareholder is Betoota Holdings Ltd, is ultimately owned by Ibaera Capital Fund, a private equity group with its seat in the Cayman Islands and offices in Australia.

Strickland Metals Limited is an Australian mineral exploration company listed on the Australian Securities Exchange. The company is focused on discovering and developing significant mineral resources to create value for its shareholders. This acquisition enhances Strickland Metals' portfolio and positions them strategically within Serbia's mining sector.

The Mining Industry in Serbia

Serbia’s mining industry has been experiencing significant growth and investment in recent years. The country is rich in various mineral resources, including copper, gold, and lithium, making it a key player in the regional mining landscape.

kinstellar serbia is known for its significant reserves of gold and other precious metals. The Timok Mag matic Complex is one of the most notable regions, hosting substantial deposits of gold, copper, and other valuable minerals. The Bor and Majdanpek mining districts are also well-known for their rich mineral resources. Recent exploration activities have identified several promising sites, leading to increased interest from international mining companies

The mining industry is diverse, encompassing the extraction of various minerals, including copper, gold, zinc, and lithium. The sector has seen robust growth, with significant contributions to the national economy. Key players in the industry include both domestic and international companies, such as Zijin Mining Group, Rio Tinto, and now Strickland Metals.

The mining sector in Serbia employs a substantial workforce and contributes significantly to the country’s GDP. The government’s commitment to supporting the industry through favorable policies and infrastructure development has further spurred growth.

The acquisition of Zlatna Reka Resources by Strickland Metals is a testament to the growing attractiveness of Serbia's mining sector to international investors.

#kinstellar serbia

1 note · View note

lizseyi · 3 months ago

Text

Minority Shareholder Protection In The AIFC, Kazakhstan – Kinstellar

In private companies limited by shares, the most popular form of company established in the Astana International Financial Center ("AIFC") shareholders range from those with majority ownership stakes (i.e. greater than 50%) to those with smaller holdings. The latter, known as minority shareholders, often face challenges due to their limited ability to influence business decisions. Our expertise lies in safeguarding the rights of minority shareholders, offering advice on protection strategies and negotiation tactics to ensure fair outcomes in disputes involving misconduct by directors or controlling shareholders.

After five years of closely monitoring the AIFC legislation and practicing corporate law within the AIFC, we believe that its corporate law offers stronger legal protections for minority shareholders compared to the general legislation in kinstellar kazakhstan. This note is aimed to be a useful guide – it is not comprehensive and should not be regarded as legal advice.

Basic minority shareholder rights

The AIFC Companies Regulations grant all shareholders certain fundamental rights. However, the protections and rights specifically available to minority shareholders are limited and do not address many common scenarios that occur within companies.

A frequent issue for minority shareholders in private companies arises when the directors are majority shareholders or appointed by them. In these cases, minority shareholders have little influence over decision-making and limited access to financial information, allowing majority shareholders to manipulate circumstances to their advantage.

Enhancing minority shareholder rights can be achieved through the company's articles or a shareholders’ agreement. There are no restrictions on how much these rights can be expanded beyond what is provided by the AIFC Companies Regulations. It is essential to understand the necessary rights and negotiate accordingly.

From our experience, the most common problems we are asked to address include:

Reviewing shareholders’ agreements to strengthen the rights and protections of minority shareholders;

Resolving disputes involving minority shareholders; and

Preventing the abuse of power by directors and controlling shareholders.

Rights with standard articles and under the AIFC Companies Regulations

If a company uses the standard articles provided at incorporation and no amendments have been made, shareholder rights will generally be restricted to the basic rights outlined below:

Shareholding of 5% or more

Able to require the company to call a general meeting.

Shareholding of 10%

Able to call a poll vote at a general meeting.

Able to require an audit.

Shareholding of 75%

Able to pass a special resolution.

Shareholding greater than 90%

Able to consent to short notice of a general meeting.

Able to squeeze out minority shareholders where a takeover offer has been made.

Right of a bidder acquiring 90% of the shares to buy out minority shareholders .

Protecting rights of minority shareholders

The powers outlined in the AIFC Companies Regulations can be enhanced to safeguard the interests of shareholders through amendments to the articles and/or by way of a shareholders agreement.

Key considerations to strengthen shareholder protection encompass:

Information rights – A critical provision for minority shareholders is the ability to access financial records and management accounts. This right is not automatically granted under the AIFC Companies Regulations but can be established in the articles or a shareholders' agreement.

Power of veto – Through amendments to the articles or shareholders' agreement, minority shareholders can be granted veto powers. This authority enables them to block actions they don’t agree with.

Share dilution – While AIFC Companies Regulations grant shareholders the right to subscribe for shares in any new issue, this right may be disregarded in the articles or shareholders' agreement of certain companies. When investing, minority shareholders should scrutinize dilution risks and incorporate protective measures accordingly.

Drag along rights – Absence of drag-along rights could trap minority shareholders with their shares in a company undergoing a change in ownership (and, thus, an uncertain future direction) when a majority shareholder sells their holding. These rights compel the buyer to acquire minority shares on the same terms as the majority, ensuring a guaranteed exit and liquidity. In such scenarios, minority shareholders receive the same price per share as the majority shareholder when the company is sold.

Dispute resolution mechanisms – When investing, minority shareholders should consider their potential exit strategy and establish protocols for share disposal. This may include a dispute resolution clause in the shareholders agreement that can help swiftly and effectively address shareholder issues.

Share valuation on exit – AIFC Companies Regulations do not stipulate the valuation method for shares in private share sales. For instance, determining whether the value should reflect the limited influence of a minority shareholding or be based on a comprehensive company valuation requires negotiation in the absence of a formal agreement. Therefore, it is advisable to establish a method for determining the share price upon exit in the shareholders' agreement.

Final remarks

The protection of minority shareholders within companies is a critical aspect of corporate governance that requires careful consideration and proactive measures. While statutory rights provide a baseline level of protection, they may not always suffice to safeguard minority interests effectively. Therefore, it is essential for minority shareholders to actively engage in the establishment of comprehensive safeguards through provisions in the articles of association and shareholder agreements.

With its robust regulatory framework, the AIFC offers a flexible platform for investors to establish and enforce agreements tailored to their specific needs and circumstances. This flexibility empowers investors to navigate complex corporate environments with confidence, knowing that their rights and interests are legally upheld within a framework designed to foster trust and facilitate business growth. In essence, the AIFC laws serve as a cornerstone for promoting investor confidence and ensuring a fair and equitable playing field for all stakeholders involved in the dynamic landscape of corporate governance.

#kinstellar kazakhstan

0 notes