“Ukrnaftoburning shareholders have informed Forbes that they appealed to international law firms to file claims in the amount of more than $ 1 billion in compensation.”, – WRITE: www.unian.ua
Ukrnaftoburning shareholders have informed Forbes that they appealed to international law firms to file claims in the amount of more than $ 1 billion in compensation.
Photo Expro.com.uaThe Ukrainian government was under the sight of international media through actions to nationalize private energy companies. According to Forbes, the confiscation of assets without the participation of owners, the replacement of management and the distribution of income in favor of the state caused a wave of lawsuits and investors’ concern. Against the background of energy crisis and wars, such steps can cost Ukraine trust, which it is in dire need for post -war recovery.
This is stated in the article “Corruption in Ukraine poses a potential threat to economic recovery after the war” published on Forbes.
Since 2022, the Ukrainian government systematically deals with the expropriation of assets of private companies, which reduces the interests of private investors and, as a result, reduces the amount of actual energy production in the country, according to the material.
“There was a problem that may indicate that the Ukrainian government illegally confiscated assets of private companies operating in gas, oil and mineral spheres for the interests of the central government in Kiev and individual influential persons. If this is true, this approach can be a long -term. It is in the article.
It is noted that Ukrnaftoburning was once one of the three largest private oil and gas production companies in the country. It was engaged in the development of the largest deposit in Ukraine – the Sakhalin gas condensate field (which is not related to Sakhalin in Russia). By the beginning of the Russo-Ukrainian War in 2022, this field provided 5% of the total production of natural gas in Ukraine.
“The problems began then. In 2023, the Ukrainian government began actions on the confiscation of” Ukrnaftoburning “, starting with the decision of the Kiev Court on the removal Meeting for changing the composition of the company, amended the statute of the company and distributed more than 20 million dollars of assets of the company as dividends that got to the State Treasury of Ukraine.
According to the article, JKX Oil and Gas Group, British shareholders “Ukrnaftoburning” have filed about twenty lawsuits against the Ukrainian courts, but the trust in the independence of the Ukrainian judicial system is low, and the consideration is very slow.
Ukrnaftoburning shareholders have informed Forbes that they appealed to international law firms to file claims in the amount of more than $ 1 billion in compensation.
JKX Oil and Gas Group, who was a victim of raiding by the state, calls it “a frank robber disguised as high slogans.”
“Unfortunately, the courts are not in a hurry to decide in favor of justice and the rule of law, taking into account the administrative pressure from stakeholders in the authorities. New laws were created retrospectively, and artificial justifications of nationalization have been invented to legitimize the process. CEO of JKX Oil and Gas Group, a British private company that works in the Ukrainian oil and gas sector.
As noted in the article, against the background of Russia’s constant attacks on Ukraine’s energy infrastructure, actions against private energy companies look illogical. According to GAS Infrastructure Europe, natural gas reserves in Ukraine have decreased to only 12% of their total capacity, compared to 56% in the rest of Europe.
“Taking measures against its own energy industry during the existential threat looks unusual, but it raises an important question: is there so corruption in Ukraine is endemic that it threatens the future of the state itself? Create legal grounds for criminal proceedings.
The author of the article also emphasizes that such actions by the state can have serious consequences for the future of the country.
“Regardless of whether large amounts of American assistance have disappeared, the reputation of Ukraine as a country where corruption is flourishing, which is confirmed by its actions against its own energy sector, significantly harms the investment climate. This happens at a time when Ukraine needs the maximum amount of foreign investment.