Ukraine Justice Ministry Pursues Lawsuit Targeting Assets of Russian Oligarch Fridman

Legal battle between Ukraine and Russian oligarch Fridman as the Justice Ministry pursues his assets. Stay up-to-date on this unfolding story

The Ukraine Justice Ministry is getting ready to initiate legal proceedings with Ukraine’s High Anti-Corruption Court. The aim is to reclaim assets owned by the sanctioned Russian oligarch, Mikhail Fridman. This includes a share of Kyivstar, the mobile operator, as a form of revenue for Ukraine.

The official mentioned that they are currently in the process of determining how to recover the assets in favor of the state, and they are also conducting an analysis to identify the portion of the business that needs to be reclaimed.

Mikhail Fridman Assets
Mikhail Fridman Assets

The Ministry of Justice clarified that this is unrelated to the court’s confiscation of Kyivstar’s corporate rights, which was reported last week and was based on information from the Security Service of Ukraine.

“The Ministry of Justice is preparing a lawsuit without reference to the seizure, provided that the grounds, and the sanctioned persons’ link to the assets, are established,” the official said.

If the High Anti-Corruption Court supports the Ministry of Justice’s assertion, the assets will be moved to the State Property Fund, and a bidding process will be conducted to appoint a manager.

Ukraine Justice Ministry
Ukraine Justice Ministry

Kyivstar refutes the claim that Fridman is the ultimate beneficial owner of the company.

“He has no influence on the company’s operations and receives no financial or other benefits,” the company said.

Background : Ukraine Justice Ministry Pursues Lawsuit

The Russian oligarchs Mikhail Fridman, Petr Aven, and Andrei Kosogov, who have close ties to Russian President Vladimir Putin and have provided financial support for Russian aggression, have had all of their corporate privileges in Ukraine seized by the court.

Ukraine Russia
Ukraine Russia

As per information from Ekonomichna Pravda, the confiscated properties encompass the entirety of Kyivstar, a company under the influence of these oligarchs via a Dutch firm called Veon Ltd. Additionally, holdings in a number of other businesses, including Kyivstar-owned Healthy Ukraine LLC, are part of the seized assets.

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