Implementing rule of law, securing investment and property rights, and establishing a level playing field are among the 10 Priorities for Ukraine’s Post-War Economic Recovery developed by the experts of the American Chamber of Commerce in Ukraine (AmCham Ukraine).
Protection of investors’ rights is at the top of AmCham Ukraine’s agenda, particularly since the onset of the full-fledged invasion when business continuity, economic security, high-quality job creation, and furthering Ukraine’s ongoing resilience is truly a national security priority. This is important now to achieve victory, as well as to set the stage for the biggest economic opportunity since WWII. This will only increase and gain momentum in the months and years ahead thanks to the companies that believe in Ukraine, continue to operate and invest despite Russia’s full-scale war.
Since May 2020, AmCham has provided steadfast support for the establishment of the Office for Protection of Investors’ Rights, led by Oleksiy Boniuk, within the Office of the Prosecutor General (PGO) of Ukraine, spearheaded by Dmytro Verbytskyi, Deputy Prosecutor General. It is imperative that during this period of reform, investors committed to Ukraine may be assured of the country’s commitment to fairness, transparency, a level playing field, and protection of investor rights. Alongside AmCham President Andy Hunder’s efforts, AmCham Ukraine leadership – Chair of AmCham Ukraine Board of Directors, Lenna Koszarny, AmCham Vice President Tetyana Prokopchuk, and AmCham members met with representatives of the Prosecutor General’s Office to review the results achieved since the launch of joint work and identify key priorities for 2024 regarding the protection of investors’ rights.
The key metrics since the beginning of AmCham’s cooperation with the Office for the Protection of Investors’ Rights within the PGO are the following:
“We are determined to take concrete steps and actions so that business in Ukraine works at full capacity, contributes to Ukraine’s ongoing resilience and development, and provides resources for the country’s brave defenders to continue their heroic defense of Ukraine. We are ready to continue to provide a fair, transparent and professional platform to address cases raised by companies committed to openness, transparency, and rule of law, in the format of constructive discussion and evaluation of underlying facts,” stated Dmytro Verbytskyi, Deputy Prosecutor General.
“Ukraine continues on its path of transformation in rule of law, fairness, transparency, and level playing field, ascending twelve places in the 2023 edition of Transparency International’s annual Corruption Perceptions Index – one of the best achievements globally. In addition, in March 2023, for the first time since modern-day Ukraine’s independence in 1991, the country was removed from the list of states where structural changes are taking place that destroy anti-corruption or those where the state of anti-corruption is deemed «globally unsatisfactory» by The Council of Europe Anti-Corruption Body, the Group of States against Corruption (GRECO). Throughout this crucial process of reform, it is imperative that the country’s law-abiding top taxpayers – many of whom are among our 600+ members who have invested over $50 billion in Ukraine – have a platform to turn to in instances where they believe protection of their rights as investors is at issue. We appreciate the cooperation with Mr. Verbytskyi, Mr. Boniuk, and their teams, and the strong results achieved”, said Lenna Koszarny, Chair, AmCham Ukraine Board of Directors.
“After the Department for Investment Protection of the Office of the Prosecutor General began to lead the pre-trial investigation in the criminal case regarding the ACP complaint, there has been a marked improvement in the prospect of bringing to criminal responsibility the beneficial owners of GNT, who illegally dissipated $200 million of assets from the group that borrowed $100 million from US creditors. This department is key to demonstrating Ukraine’s ability to protect investors’ rights”, commented John Patton, Managing Director of London Office, Argentem Creek Partners.
A notable and very successful example of the cooperation of AmCham’s member companies and experts with the Prosecutor General’s Office is the joint work to reduce the scope, nature, and extent of businesses operating in the shadow economy. Specifically, success has been achieved in the field of prevention and the fight against the falsification of medicines in Ukraine. Since 2019 and until today, the Prosecutor General’s Office, in cooperation with the AmCham, has been effectively coordinating the efforts of pre-trial investigation agencies aimed at identifying, investigating, and submitting to the court case materials related to the sale to patients in Ukraine and abroad of falsified oncological, antiviral drugs, drugs for the treatment of rare diseases. At this time, the materials of 2 massive pre-trial investigations have been submitted to the court, according to which those accused of falsification face life imprisonment. Currently, pre-trial investigation is underway in 4 other cases.
AmCham Ukraine values strong cooperation and ongoing dialogue with the PGO and the Office for the Protection of Investors’ Rights and is in the process of expanding this dialogue to other enforcement agencies in Ukraine.
According to the AmCham survey, investors see business expansion as Ukraine’s greatest post-war investment opportunity, but security and rule of law are key.
About the American Chamber of Commerce in Ukraine:
The American Chamber of Commerce is Ukraine’s leading international business association that has been serving 600+ members in Ukraine since 1992, delivering the shared voice of best-in-class US, international, and Ukrainian companies, who invested over $50 billion in Ukraine and remain committed to the country.
Forecast of dynamics of changes in ukrainian GDP in % for 2022-2025 in relation to previous period
Source: Open4Business.com.ua and experts.news
PIN-UP Ukraine paid UAH 3.4 billion to the state budget in 2023. Tax payments included income tax, single tax, tax on winnings, personal income tax, military duty, unified social contribution, as well as an annual license fee of UAH 23.4 million. The company remains the largest taxpayer in Ukraine in the gambling sector.
“PIN-UP Ukraine is the largest taxpayer among the representatives of the legal gambling business in Ukraine. Despite the martial law in the country, we continue to operate and make all necessary payments to the budget of Ukraine in a timely manner. Honesty and transparency are important to us, so we will continue to fulfill our tax obligations for the economic stability of the country. We will also continue our humanitarian mission and help Ukrainians affected by the war,” commented Igor Zotko, owner of PIN-UP Ukraine.
The company regularly donates to the PIN-UP Foundation, a charity fund that allocates all its resources to support and develop Ukraine. The company has donated more than UAH 153.3 million to charitable and humanitarian projects. PIN-UP has evacuated more than 100 Ukrainians who lost their homes abroad, participated in a rescue mission after the Kakhovka hydroelectric power plant explosion, repaired and equipped children’s centers in Kyiv region, and installed stationary street shelters in Kherson and Kharkiv region. As part of the LINE-UP project, the Foundation delivered 200 tons of essential goods to frontline cities and helped 15,000 Ukrainians from more than 100 settlements in Donetsk, Luhansk, Kharkiv, Kherson, Mykolaiv and Zaporizhzhia regions.
PIN-UP Ukraine is a Ukrainian online casino that was one of the first in Ukraine to obtain an operating license. The license to organize and conduct casino gambling on the Internet was issued to UKR GAME TECHNOLOGIES LLC by the Commission for Regulation of Gambling and Lotteries in 2021.
UKR GAME TECHNOLOGIES LLC, a licensed representative of the PIN-UP Ukraine market, tops the rating of businesses with an impeccable business reputation in the gambling industry by Opendatabot.
From February 29 to March 1, Tashkent will host the Hotel Business Forum-2024, which will discuss key issues of tourism and hospitality development in Uzbekistan with the participation of world experts, investors and leading industry players.
The event, organized with the support of the Tourism Committee and the Hoteliers Association of Uzbekistan, will become a significant event in the hospitality industry, a platform for business meetings, dialogue and exchange of experience for company representatives and leading experts on new trends in the industry.
The forum focuses on the development and implementation of innovative concepts, turning them into successful enterprises from design to market entry.
It is planned to cover various issues, including green technologies, return on investment in franchises, the role of information technology, environmental aspects, and the digitalization of services in the hotel business.
The event will also feature the National Hospitality Award of Uzbekistan, designed to identify the best companies in the hospitality industry and increase the country’s tourist attractiveness.
The European Commission (EC) announced on Tuesday the allocation of €83 million in “initial humanitarian aid” to Ukraine and Moldova for 2024.
“To help the most vulnerable people (…) in 2024, the EU will provide an initial €75 million in humanitarian aid to Ukraine and €8 million to Moldova. And we will continue to closely monitor the changing needs on the ground to respond to the most urgent humanitarian challenges,” said Janez Lenarčič, EC Member for Crisis Management.
The European Commission’s communiqué explains that €75 million for Ukraine has been allocated for humanitarian projects “to provide emergency assistance, including access to basic needs such as shelter, protection services, drinking water, education and healthcare.”
Humanitarian projects for Moldova worth €8 million provide “targeted assistance to the most vulnerable populations, including humanitarian cash assistance to meet basic needs, protection and health care.”
The European Commission said that with this new funding, it has allocated a total of €926 million for humanitarian assistance programs for the civilian population of Ukraine after February 2022. Of these funds, €860 million is earmarked for humanitarian programs inside Ukraine and €66 million for support to Ukrainian refugees in neighboring Moldova.
The UNITED24 platform has rebuilt 24 bridges in seven regions of Ukraine that were destroyed by the Russian occupiers, said Mykhailo Fedorov, Deputy Prime Minister for Innovation, Education, Science and Technology Development and Minister of Digital Transformation of Ukraine.
“The fundraising platform has rebuilt 24 bridges in seven regions thanks to contributions from all over the world, a regular partner, AWT Bavaria, and the State Special Transport Service,” Fedorov said in a telegram on Monday evening.
He thanked everyone who donated to the restoration of Ukraine.
“The rebuilt bridges mean restored communication, convenient and fast
