Latest news with #PetroPoroshenko
Mid East Info
6 days ago
- Business
- Mid East Info
This is a text of gratitude. A good thing happened in the financial market. - Middle East Business News and Information
By Sergey Lyamets, Ukrainian journalist Recently, Investment Capital Ukraine (ICU) agreed to release the hostages it had been holding for months. It offered bondholders to exchange the frozen unrestructured Loan Participation Notes (LPNs). To replace them with the same bonds, but already restructured ones. They belong to ICU in other issues. In my opinion, this is a very good and ethical thing for the company to do. It can really correct the injustice that has been going on for quite some time. If you are not up to date, let me briefly remind you. Even before the full-scale invasion, Alfa-Bank's VIP depositors were offered a special investment product – Loan Participation Notes (LPN) issued by the Dutch company EMIS Finance B.V. These were securities with higher yields in foreign currency. In order to guarantee the safety of the money from Ukrainian legislation risks, the LPNs were issued by the Dutch company EMIS Finance B.V. and are in some way separated from the bank. Alfa-Bank returned the funds raised to Ukraine and used them to issue new loans, and then shared the profits with its VIP clients. The deal was mutually beneficial, and Alfa Club became the most powerful VIP banking system in Ukraine. But with the outbreak of a full-scale war, the bank was nationalised, and the money of Ukrainian depositors was 'suspended'. The former owners of Alfa agreed to return the money, but asked to wait. They proposed a restructuring scheme for multiple tranches of LPNs. Most of the LPN issues have already been restructured. The scheme was used by influential Ukrainian families and companies, including (it turns out) ICU. Now they just have to wait for their money. But there are just a few tranches left, the majority stake in which were bought up by the ICU group. The company began to play its own game, apparently demanding money from EMIS Finance B.V. not later, but immediately. They refused, and the situation 'hung'. The LPN holders, who had a minority of votes, were held hostage (I will refer to them in this way below) and therefore could not influence the negotiations. After unsuccessful requests for restructuring (Investment Capital Ukraine did not agree), they began to use leverage. In particular, they could have influenced the imposition of sanctions against Petro Poroshenko, who is considered to be affiliated with ICU. I wrote about this here. Time passed, but the situation did not change. On the contrary, ICU has recently gone on the offensive. The company proposed to change the trustee and paying agent of the blocked LPN tranches from BNY Mellon to Global Loan Agency Services Ltd (GLAS). Why? BNY Mellon is a world-renowned financial group with an impeccable reputation. Its business is simply to serve the process. GLAS, however, specialises in distressed and disputed assets. It often acts in the interests of the customer, not the market. It looks like ICU is going to get its money's worth with the help of GLAS. Of course, this upset the 'hostages' even more, because for them, replacing the trustee would mean the failure of the restructuring, and the LPN debts would finally 'hang'. But they had no chance to change this scenario, because the ICU holds the majority of votes. For some time, it seemed to me that the main purpose of replacing the trustee was to force the 'hostages' to sell their LPNs to the group at a large discount. In fact, ICU has professed this philosophy before: buy cheaply while everyone believes in the crisis and then sell at a premium. Nevertheless, a pleasant miracle happened. Mr Paseniuk and Mr Stetsenko offered the 'hostages' to replace the LPNs with the same securities, but already restructured (from other tranches). This is a gentlemanly act. I don't know who to thank for this. Perhaps Petro Poroshenko, who could have conveyed a simple message to the company's co-owners Makar Paseniuk and Kostiantyn Stetsenko: the most dangerous opponent is the one who has nothing to lose. If we believe that it was the 'hostages' who influenced the imposition of sanctions against Poroshenko, we can imagine what they would have done next. For ICU, this pressure could have been fatal and resulted in personal sanctions against the company and its owners. If this is the case, I think I would be very right to convey the gratitude of several families to you, Mr President. Of course, another motivation might have worked. Messrs Paseniuk and Stetsenko could have soberly judged that it was not worth going to war with outraged 'hostages' in the rear. After all, sanctions have already happened in Petro Poroshenko's life, but they may yet appear in theirs. As for the possible reasons, it doesn't take too long to find them. The professional biography of ICU's leaders is closely intertwined with Russia's VTB. The main thing in sanctions is not the presence of facts, but the decision to let them develop. This is exactly what the danger was for ICU. In the event of sanctions, one can kiss goodbye to one's reputation and financial career in Ukraine, the UK, and Europe. And I'm not even talking about the monetary losses. I'm sure that current ICU clients would be very much against such a scenario. If so, the company's decision is a manifestation of common sense. In any case, a gentlemanly act is a gentlemanly act. It is a credit to Messrs Paseniuk and Stetsenko. It releases ICU from confrontation with the 'hostages'. Albeit, as my sources ironically point out, one part of ICU's problems has been solved, but the other is just beginning. In their opinion, the company is at risk. Here's the thing. ICU is moving to an aggressive stage of pulling out its money. To do this, they need GLAS. I may be wrong, but ICU's actions are unlikely to threaten EMIS Finance B.V. This structure is simply a so-called SPV – a transit company that gives money only after it receives it. Where is the real money? Maybe in Russia? No. The money will be paid by… three… two… one… Ukraine. That's right. Ukraine. My interlocutors told me a dark secret. The only chance to return the money to the holders is to negotiate with Ukraine on compensation for the nationalised assets. In their opinion, this will require waiting for the end of the war. Although I cannot imagine how Ukraine will agree to this. If you want the money faster, sue Ukraine. Therefore, according to my interlocutors, ICU will sue Ukraine. After all, it was Ukraine that nationalised Alfa, it was Ukraine that made it impossible to get the LPN money back. To a large extent, I believe in such a scenario. The fact is that the ICU is serviced by Cleary Gottlieb, an international law firm. It was this company that was the architect of the warrant deal in Jaresko's time. Let me remind you that the holders of these securities receive hundreds of millions of dollars if Ukraine's GDP grows by more than 3% over the year. If GDP growth is between 3% and 4%, Ukraine pays 15% of the amount exceeding 3%. If GDP growth exceeds 4%, it pays 40% of the total amount of growth over 4%. It is very likely that these securities were once made possible thanks to Poroshenko's political support, and for many years they have been alive thanks to old connections. So, even today, Cleary Gottlieb services warrant holders. It is quite possible that ICU or its clients are among the holders of these securities, but I have no facts about this. But let me remind you that we still don't know who the warrant holders are. International lawyers protect the anonymous owners. Ukrainian society is outraged by their actions, but this outrage is very abstract. No one knows the stakeholder. In the case of LPNs, it's a completely different story. The holder of the bonds is either ICU or a client that the company cannot name. This is a completely different configuration. A financial company with Ukrainian roots and revenues in Ukraine… will sue Ukraine. It's not pretty, no matter how you look at it. International courts may decide that Ukraine owes money. But what will be the reaction of society? It is insidious and inhumane to extract money from a country in the midst of a war to make super-profits. Especially for a Ukrainian company. I'm not too sure about their colleagues either. If Cleary Gottlieb conducts this project, I will speculate further. But is Global Loan Agency Services Ltd (GLAS) ready for reputational losses? Does the company know from whom they will have to collect the money? This is very intriguing. Of course, some other scenario is possible. But something tells me that this is exactly what it looks like: ICU v. Ukraine. So far, this has not happened. We'll see how it goes. Let me remind you that I still have not received any comments from ICU. In conclusion, I would like to compliment the company once again. Messrs Paseniuk and Stetsenko acted like gentlemen. It is possible that this happened under the influence of Petro Poroshenko, for which he will receive a compliment of his own. To be continued. Or not.
Yahoo
29-05-2025
- Business
- Yahoo
Pro-Russian public figure Portnov coordinated case concerning alleged treason of Ukraine's 5th president
Ukrainska Pravda has reported that Andrii Portnov, a shadow handler of the courts and a lawyer close to the fugitive former president Viktor Yanukovych, has been coordinating investigators since December 2021 in the so-called "coal case" concerning the alleged treason of the fifth president, Petro Poroshenko. Source: Ukrainska Pravda article Without trial or investigation. What was Andrii Portnov doing on the eve of his murder? Details: The case was formally investigated by the State Bureau of Investigations under the leadership of Oleksii Sukhachov. However, as Ukrainska Pravda said, it was Portnov who coordinated the investigators' actions from the moment the case was activated at the end of 2021. This refers to a scheme first exposed by Ukrainska Pravda in 2016, whereby coal from occupied mines in Luhansk and Donetsk oblasts was brought into Ukraine instead of coal from South Africa. Petro Poroshenko and Viktor Medvedchuk, a former Ukrainian businessman and pro-Russian politician who is also known for his connections to Putin, were named as the initiators. After years of stagnation and imitation of investigative actions, the investigation suddenly intensified immediately after a meeting of the National Security and Defence Council, which approved sanctions against several political figures, including Petro Poroshenko. One of Ukrainska Pravda sources, familiar with the case, explained: "Portnov has been seeking personal revenge for years. His main target has always been Poroshenko – a political antagonist and a man who did not keep his promise to him at the time. The 'coal case' became his personal project." Quote from the article: "It was the Pecherskyi District Court of Kyiv – a key link in Portnov's vertical structure – that limited the time the defence had to study the case materials, which, according to Poroshenko's lawyer Illia Novikov, was a tool of pressure." Details: Despite the fact that the court that will hear the case has not yet been determined, Ukrainska Pravda sources indicate that control over its progress remains in the hands of the same judicial vertical formed by Portnov. Poroshenko's team also names Portnov as the main initiator and curator of most cases involving the fifth president. Previously: Portnov was shot dead on the morning of 21 May near an American school in Madrid, Spain. Ukrainska Pravda reported that Andrii Portnov visited Ukraine a few days before his murder in Madrid. There he met with Oleh Tatarov, Deputy Head of the President's Office of Ukraine, and Oleksii Sukhachov, Director of the State Bureau of Investigation. Background: President Volodymyr Zelenskyy announced in an evening address on 12 February 2025 that the National Security and Defence Council would impose new sanctions but did not name any names. Sources close to Ukraine's fifth president and current MP, Petro Poroshenko of the European Solidarity party, and the National Security and Defence Council told Ukrainska Pravda that Poroshenko was among those targeted by the sanctions. The fifth president of Ukraine called the sanctions against him a colossal blow to internal unity. On 13 February, President Volodymyr Zelenskyy approved the NSDC's decision of 12 February to impose sanctions. In May, Ukrainska Pravda learned that the investigation against Poroshenko in the so-called "coal case" had been completed and that he was charged with high treason. The question of which court will hear the case is currently being decided. Support Ukrainska Pravda on Patreon!
Observer
13-05-2025
- Politics
- Observer
UN agency releases reports on 2014 plane crash
Montreal - The UN aviation agency blamed Russia Monday for the downing of a Malaysian jetliner over Ukraine in 2014, leading to the deaths of 298 people. Australia and the Netherlands, the countries with the most fatalities in the tragedy, quickly called for Russia to assume responsibility for the downing and pay damages. The International Civil Aviation Organization (ICAO), based in Montreal, said claims brought by Australia and the Netherlands over the shooting down of Flight MH17 on July 17 of that year were "well-founded in fact and law." "The Russian Federation failed to uphold its obligations under international air law in the 2014 downing of Malaysia Airlines Flight MH17," the agency said in a statement issued Monday evening. The ICAO said this was the first time in its history that its council had determined on the merits of a dispute between member states. On July 17, 2014, the Malaysia Airlines Boeing 777 -- en route from Amsterdam to Kuala Lumpur -- was hit by a Russian-made BUK surface-to-air missile over eastern Ukraine's Donetsk region, where pro-Russian separatist rebels were battling Ukrainian forces. Dutch nationals accounted for two-thirds of the dead, along with 38 Australians and about 30 Malaysians, with many victims having dual nationalities. Then-Ukrainian President Petro Poroshenko called it a "terrorist act." Pro-Russian rebels in the area claimed the airliner was shot down by a Ukrainian military jet. Russian President Vladimir Putin said Ukraine "bears responsibility." The following day, then US president Barack Obama said a missile fired from separatist-held territory was to blame and the rebels would not have been able to hit the airliner without Russian support. In 2022, a Dutch court sentenced three men to life in prison over the downing, among them two Russians, but Russia refused to extradite them. Russia has consistently denied any involvement in the tragedy. In 2023, a team of international investigators from the Netherlands, Australia, Malaysia, Belgium, and Ukraine said there were "strong indications" that Putin had approved the supply of the missile that brought down the jetliner. Last year, investigators suspended their probe of the downing, saying there was not enough evidence to identify more suspects. Ukraine's Foreign Minister Andrii Sybiha celebrated the ICAO decision, writing in a statement on X: "This is one more step toward restoring justice for this crime." "And a clear message: no matter how much money and effort Russia put into lying to conceal its crimes, the truth wins out, and justice prevails." The governments of Australia and the Netherlands also welcomed the UN agency's decision Monday night and pressed for action against Russia. "This is a historic moment in the pursuit of truth, justice, and accountability for the victims of the downing of Flight MH17, and their families and loved ones," the Australian government said in a statement. It called on the agency to "move swiftly to determine remedies" for Russia's violation of international law. "We call upon Russia to finally face up to its responsibility for this horrific act of violence and make reparations for its egregious conduct, as required under international law," the statement added. Dutch Foreign Minister Caspar Veldkamp said: "The decision cannot take away their grief and suffering, but it is an important step towards truth-finding, justice and accountability for all victims of flight MH17 and their relatives." The minister said that in the coming weeks the ICAO council "will consider how legal redress should take place." The minister said that Australia and the Netherlands want the council to make Russia enter into negotiations with them and supervise the process.
Japan Today
13-05-2025
- Politics
- Japan Today
U.N. aviation agency finds Russia responsible for 2014 downing of airliner over Ukraine
Rescuers stand on July 18, 2014 on the site of the crash of a Malaysian airliner carrying 298 people from Amsterdam to Kuala Lumpur, near the town of Shaktarsk, in rebel-held eastern Ukraine The U.N. aviation agency blamed Russia Monday for the downing of a Malaysian jetliner over Ukraine in 2014, leading to the deaths of 298 people. Australia and the Netherlands, the countries with most fatalities in the tragedy, quickly called for Russia to assume responsibility for the downing and pay damages. The International Civil Aviation Organization (ICAO), based in Montreal, said claims brought by Australia and the Netherlands over the shooting down of Flight MH17 on July 17 of that year were "well founded in fact and in law." "The Russian Federation failed to uphold its obligations under international air law in the 2014 downing of Malaysia Airlines Flight MH17," the agency said in a statement issued Monday evening. The ICAO said this was the first time in its history that its council has made a determination on the merits of a dispute between member states. On July 17, 2014 the Malaysia Airlines Boeing 777 -- en route from Amsterdam to Kuala Lumpur -- was hit by a Russian-made BUK surface to air missile over eastern Ukraine's Donetsk region, where pro-Russian separatist rebels were battling Ukrainian forces. Dutch nationals accounted for two-thirds of the dead, along with 38 Australians and about 30 Malaysians, with many victims having dual nationalities. Then-Ukrainian President Petro Poroshenko called it a "terrorist act." Pro-Russian rebels in the area claimed the airliner was shot down by a Ukrainian military jet. Russian President Vladimir Putin said Ukraine "bears responsibility." The following day, then U.S. President Barack Obama said a missile fired from separatist-held territory was to blame and the rebels would not have been able to hit the airliner without Russian support. In 2022 a Dutch court sentenced three men to life in prison over the downing, among them two Russians, but Russia refused to extradite them. Russia has consistently denied any involvement in the tragedy. In 2023 a team of international investigators from the Netherlands, Australia, Malaysia, Belgium and Ukraine said there were "strong indications" that Putin had approved the supplying of the missile that down the jetliner. Last year investigators suspended their probe of the downing, saying there was not enough evidence to identify more suspects. Ukraine's Foreign Minister Andrii Sybiha celebrated the ICAO decision, writing in a statement on X: "This is one more step toward restoring justice for this crime. And a clear message: no matter how much money and effort Russia put into lying to conceal its crimes, the truth wins out, and justice prevails." The governments of Australia and the Netherlands also welcomed the U.N. agency's decision Monday night and pressed for action against Russia. "This is a historic moment in the pursuit of truth, justice and accountability for the victims of the downing of Flight MH17, and their families and loved ones," the Australian government said in a statement. It called on the agency to "move swiftly to determine remedies" for Russia's violation of international law. "We call upon Russia to finally face up to its responsibility for this horrific act of violence and make reparations for its egregious conduct, as required under international law," the statement added. Dutch Foreign Minister Caspar Veldkamp said: "The decision cannot take away their grief and suffering, but it is an important step towards truth-finding, justice and accountability for all victims of flight MH17 and their relatives." The minister said that in the coming weeks the ICAO council "will consider the manner in which legal redress should take place." Australia and the Netherlands want the council to make Russia enter into negotiations with them and to supervise the process, the minister said. © 2025 AFP
The Journal
13-05-2025
- Politics
- The Journal
UN aviation agency finds Russia responsible for 2014 downing of airliner over Ukraine
THE UN AVIATION agency has blamed Russia for the downing of a Malaysian jetliner over Ukraine in 2014, leading to the deaths of 298 people. Australia and the Netherlands, the countries with most fatalities in the tragedy, quickly called for Russia to assume responsiblity for the downing and pay damages. The International Civil Aviation Organization (ICAO), based in Montreal, said claims brought by Australia and the Netherlands over the shooting down of Flight MH17 on 17 July of that year were 'well founded in fact and in law.' 'The Russian Federation failed to uphold its obligations under international air law in the 2014 downing of Malaysia Airlines Flight MH17,' the agency said in a statement issued Monday evening. The ICAO said this was the first time in its history that its council has made a determination on the merits of a dispute between member states. On 17 July, 2014 the Malaysia Airlines Boeing 777 – en route from Amsterdam to Kuala Lumpur – was hit by a Russian-made BUK surface to air missile over eastern Ukraine's Donetsk region, where pro-Russian separatist rebels were battling Ukrainian forces. Dutch nationals accounted for two-thirds of the dead, along with 38 Australians and about 30 Malaysians, with many victims having dual nationalities. Then-Ukrainian President Petro Poroshenko called it a 'terrorist act.' Pro-Russian rebels in the area claimed the airliner was shot down by a Ukrainian military jet. Russian President Vladimir Putin said Ukraine 'bears responsibility.' The following day, then US president Barack Obama said a missile fired from separatist-held territory was to blame and the rebels would not have been able to hit the airliner without Russian support. In 2022 a Dutch court sentenced three men to life in prison over the downing, among them two Russians, but Russia refused to extradite them. Advertisement Russia has consistently denied any involvement in the tragedy. In 2023 a team of international investigators from the Netherlands, Australia, Malaysia, Belgium and Ukraine said there were 'strong indications' that Putin had approved the supplying of the missile that down the jetliner. Last year investigators suspended their probe of the downing, saying there was not enough evidence to identify more suspects. I welcome today's important @icao Council conclusion reaffirming Russia's responsibility for the downing of Flight #MH17 . This is one more step toward restoring justice for this crime. And a clear message: no matter how much money and effort Russia put into lying to conceal its… — Andrii Sybiha 🇺🇦 (@andrii_sybiha) May 12, 2025 Ukraine's Foreign Minister Andrii Sybiha celebrated the ICAO decision, writing in a statement on X: 'This is one more step toward restoring justice for this crime.' 'And a clear message: no matter how much money and effort Russia put into lying to conceal its crimes, the truth wins out, and justice prevails.' The governments of Australia and the Netherlands also welcomed the UN agency's decision Monday night and pressed for action against Russia. 'This is a historic moment in the pursuit of truth, justice and accountability for the victims of the downing of Flight MH17, and their families and loved ones,' the Australian government said in a statement. It called on the agency to 'move swiftly to determine remedies' for Russia's violation of international law. 'We call upon Russia to finally face up to its responsibility for this horrific act of violence and make reparations for its egregious conduct, as required under international law,' the statement added. Dutch Foreign Minister Caspar Veldkamp said: 'The decision cannot take away their grief and suffering, but it is an important step towards truth-finding, justice and accountability for all victims of flight MH17 and their relatives.' The minister said that in the coming weeks the ICAO council 'will consider the manner in which legal redress should take place.' Australia and the Netherlands want the council to make Russia enter into negotiations with them and to supervise the process, the minister said.
