July 12, 2016
Asters acted as a legal counsel to International Finance Corporation (IFC), a member of the World Bank Group, in connection with USD 15 million financing to fuel supplier Nadezhda Group.
The investment will help Nadezhda, which distributes transport…
June 30, 2016
Vasil Kisil & Partners has acted as a legal advisor to AWAS, one of the world’s largest aircraft lessors, on the aircraft sale and lease matters in connection with the execution of a large-scale agreement for sale of a portfolio of 30 a…
Ukrainian Energy Efficiency Forum’16 entitled Energy Efficiency Fund – Ukraine’s Major Start-Up took place on 23 June 2016 in Kiev. The Forum was organized by the Ministry of Regional Development, Construction, Housing and…
With the permanent crisis in the economy and banking sector in particular, fraudulent behavior has become, unfortunately, common practice in our country. It can be seen at both state and corporate levels.
The problem is widely discussed at governmental level. The algorithm of the necessary actions is known and open to the public, methods and gaps in actions are revealed and criticized, barriers in the bureaucratic system of state authorities and legislation are identified. Thus, recent reports suggest that no assets belonging to former state officials under Western sanctions have been recovered...
A commission agreement is quite a popular agency agreement, which is often used by taxpayers in their foreign economic activity. Given the fact that for the purposes of income tax assessment foreign economic transactions on selling products through non-residents agents are deemed controlled transactions, many questions arise as to various aspects of transfer price formation within such business transactions...
Vsevolod M. Volkov
It has become normal practice for people who are very active in business to establish some sort of arrangements not to publicize their wealth. People may be driven by different reasons. Some want more security and less transparency to their business; some want to create a squirrel fund in case business or personal relationships go wrong, others want to hide assets from creditors to prevent debt recovery. Business, however, is not the only one pursuing some level of secrecy — corrupt government officials and criminals have the same target. In the latter case, it is in the public interest not to let this happen...
Yuriy O. Dobosh
One of the most complicated issues in terms of asset recovery is the situation which arose when the self-proclaimed Crimean authorities decided to carry out massive nationalization and illegally expropriated state-owned and private-owned businesses in the peninsula...
Kateryna Y. Safronenko
Cross-border financing of the aviation sector is a crucial aspect of industry development. Bank loans for purchase of an aircraft, in practice, are pledged by a mortgage over the aircraft. Herewith, security of a debt by specific collateral might help a creditor to protect its interests as well as minimize potential risks within the process of asset foreclosure. Recent economic destabilization in Ukraine affects proper fulfilment of obligations by local debtors vis-à-vis foreign creditors, resulted in numerous requests with regard to validity of a collateral as well as aircraft repossession process...
Sayenko Kharenko advised major foreign banks
Sayenko Kharenko and AVELLUM supported final restructuring of sovereign-guaranteed debt of Ukravtodor
Redcliffe Partners advised lenders on loan restructuring by Ukrlandfarming
Sayenko Kharenko advised Bluebird Merchant Ventures
Redcliffe Partners supported EBRD in financing Ukraine’s agricultural sector
Asters counseled IFC on financing to Integrated Agrosystems
NBU renewed classifier of foreign currencies and banking metals
Liberalization of anti-crisis measures
Protection of investors rights
Simplification of export of services
State registration of foreign investments cancellation
Changes to the Criminal Procedure Code
Ukrainian aircraft industry may be exempted from tax
The European Commission approved merger of AB InBev with SABMiller
Nissan buys big stake in fellow car-maker Mitsubishi for USD 2.2 billion
Britain will oblige foreign companies to disclose their owners
The British government will oblige foreign companies that have property in the country to disclose their final owners.
US law firm employed a lawyer with artificial intelligence
Ukraine joined EU COSME program
Coca-Cola Company permitted to sell fermented drinks maker Yarilo
AMCU allows acquisition of 50% stake in Eurobank
Ukraine joined Trans-Caspian transport route
Chinese invested USD 75 million in Mykolayiv seaport
World Intellectual Property Day, celebrated globally on 26 April, was a great occasion to once again highlight and learn about the important the role that intellectual property rights (IPR) play in developing business...
E-signature & Cryptography
The Ukrainian Bar Association organized a meeting within the “How does IT work?” project on 18 May to discuss the principles of electronic and digital signatures and cryptography.
The meeting was opened by Anatoly Tarasenko, lawyer, NGO E-Democracy. In his opinion, the introduction of e-law faces several problems. One of them is the attitude of the older generation, which is afraid and does not understand innovations...
Sources of information are a key pillar of transfer pricing (TP) legislation taking into account the fact that relevant data strongly affects the conclusion on comparability and, hence, choice of applicable TP method. Current TP legislation requires strong comparability of transactions to consider not only basic issues like subject matter, delivery terms and payment terms but also second-tier issues like market conditions, business strategy of the counterparties and so on that as a matter of practice strongly prevent taxpayers from conclusion about comparability...
Sophisticated financial vehicles create opportunities for assets withdrawal. This is a global trend, and in our country it is also pushed with a clear political agenda. We often hear from the media about the freezing of assets, confiscation, legal assistance. But the real Ukrainian case studies are still pending. Commercial tracing and recovery is a formidable task that requires good knowledge, a multi-professional team, cross-border capabilities, and proactive thinking.
Obviously, the situation is prompting a new service. Our recent brainstorming session at Spenser & Kaufmann with Tetyana Ivanovych, Nickolas Likhachov and Valentyn Zagariya poured some light on the state of play.
Following a long-standing tradition, every May the Ukrainian legal society gathers to celebrate the Legal Awards Ceremony held by Yuridicheslaya Practika Publishing. This timethe tenth annual legal ceremony was held on 24 May 2016 at the InterContinental Kyiv Hotel.
According to the program, law firms and individuals competed in 37 nominations...
Evaluation of reforms in Ukraine by Polish investors, trends and prospects of bilateral cooperation, potential of separate sectors of the national economy and future investment decisions were discussed at the IV International Forum Ukrainian Business Day in Poland, which took place in Warsaw on 12 May 2016.
While moderating the first panel discussion, Yaroslav Romanchuk, President of the Association of Ukrainian Business in Poland and managing partner of ILC EUCON, noted that one of objectives of such a meeting is summing up results of economic cooperation between the two countries...
The wave of legislative initiatives in the Ukrainian Parliament and other government authorities covers various fields of business activity and, to a large extent, touches upon the overall economic framework and investment attractiveness of the country. This month experts comment on corporate governance and protection of investors’ rights, currency restrictions, elimination of state investment registration, debt restructuring, proposed changes to criminal law.
Yuriy Katser, Iaroslav Cheker
On 19 April 2016, the National Bank of Ukraine adopted Resolution No. 269 On Amendments to the Classifier of Foreign Currencies and Banking Metals (the Resolution). The Resolution updated the Classifier of Foreign Currencies and Banking Metals (the Classifier) for the first time in 10 years. The Resolution came into effect as of 4 May 2016…
Despite the majority of jurisdictions view independent directors as a powerful tool of investors’ rights protection, efficiency of the mechanism, suggested by Act of Ukraine No. 289-VIII, is not univocal…
Since the mandatory 75% foreign currency sale requirement for proceeds transferred into Ukraine as foreign investments has been cancelled, this should be a positive move for counterparties of foreign investors and companies enjoying FX equity injections from their foreign parents who will now be able to retain received hard currency funds on their accounts and convert to Hryvnias when need be…
If adopted Draft Act No. 2764 will regulate the debt to equity conversion for limited liability companies in Ukraine. The legislative initiative is aimed at solving the existing uncertainty with respect to use of this debt restructuring instrument by LLCs envisaged by Article 144 (2) of the Civil Code of Ukraine. The Ukrainian borrowers and their creditors will be entitled to apply the economically efficient mechanism widely used in the European countries that enables improving the position of the company that is experiencing financial hardship…
Explanatory note to the Draft No. 2763 declares that the Bill is “aimed at enhancing encouragement of attracting investment” by simplifying procedures for receiving such investments. In particular, Draft No. 2763 purports to abolish state registration of foreign investment. The abolition of post-Soviet old-fashioned “registration” of investments is indeed long overdue. This registration meant additional, if useless, paperwork for foreign investors wishing to open new ventures in Ukraine or buy ongoing concerns without adding any additional comfort to investors or safeguards to the State…
After “Savchenko’s Law” came into force, according to which one day in the detention cell counts for two days of imprisonment, in case of such a punishment, many persons were actually released; and among these persons there are many people convicted for a serious crime and particularly serious violent crimes. For those who still continue serving a sentence, the imprisonment period was considerably shortened…
The Draft of proposed Act of Parliament No. 3719 On Amending the Code of Criminal Procedure with Regard to Certain Issues Of Investigative Actions With Aim of Ensuring Additional Guarantees Of Legality During Their Conduct is a long-awaited piece of legislation. It is intended to reduce the risk of abuse of power by investigative agencies when they conduct search and carry out warrants of seizure. On the other hand, the amendment, if enacted, will enhance the rights of persons being searched and persons whose property is being seized…
Dr. Svitlana Kheda
The supporters of mediation welcomed a recent decision by the parliamentary Committee on Legal Policy and Justice to recommend Verkhovna Rada passing in principal in the first reading the Draft Act On Mediation No. 3665 authored by MP Olena Shkrum et al. This is an important step forward to the legal regulation of mediation in Ukraine. The Act on Mediation would declare that the state endorses mediation as an effective/efficient alternative to corrupt Ukrainian courts. Mediation would be formally recognized in settling various disputes (e.g. commercial, labor, family, etc.), including those with foreigners. It could be used not only before filing a lawsuit but also during/after a court proceeding, and within a ruling enforcement procedure…
On 5 May 2016 the Ministry of Health of Ukraine (the MOH) published for public discussion a draft regulation of the Cabinet of Ministers of Ukraine on Approving the Concept of the Reform of the Financing of the Healthcare System in Ukraine…
US court prohibited UMH Group from using Forbes brand
Apple lost its rights to iPhone trademark in China
Court allowed search of YouTube offices in US
Kiev Court arrested accounts of Fozzy-Food
KPMG Ukraine contributed to International Compliance book
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