Business news from Ukraine

UKRAINE’S GENERAL PROSECUTOR SPEAKS FOR ADOPTION OF UK-STYLE LAW ON CONFISCATION OF PROPERTY, FUNDS FROM DUBIOUS SOURCES

Ukraine’s Prosecutor General Yuriy Lutsenko has spoken for the adoption of a special law on the confiscation of real estate and funds in bank accounts that have no official explanation, and believes that the need for such a law may be used in an electoral campaign to the Verkhovna Rada.
“The most urgent issue is an introduction of a law similar to the recent British one – a special law that allows the confiscation of real estate or accounts that have no official explanation. This is the law that Ukraine has needed for a long time,” the prosecutor general said on air of the 112.ua TV channel on Tuesday after the debate in the European Parliament on corruption in Ukraine.
He recalled that the Verkhovna Rada had several times considered the bill on the so-called special confiscation, but failed to pass it. Therefore, at the moment, the law-enforcement agencies confiscate property obtained through criminal means based on the provisions of the old law, and the confiscation procedures are very complicated and “often subject to attacks by interested persons, both publicly and legally.”
“Therefore, we need a law on special confiscation, and it is very important to take into account the British experience, which is very simple and clear: if a law enforcement system asks a question of any citizen or guest of the UK: ‘Please show the sources of, for example, a five-story house in central London’ and if these sources do not exist, this property passes into the state ownership and later is sold at an auction. The same goes for the funds that are frozen in the accounts. From my point of view, such procedure would speed up cleansing Ukraine of corruption and criminality,” Lutsenko said.
At the same time, the prosecutor general said he doubted that such a law could be adopted by the Verkhovna Rada of the current convocation. “I think that this law will not be passed by this parliament, but it can become one of the key concepts around which it is possible to build the next election campaign to the next parliament,” he said.

, , , ,

AUSTRIAN COMPANY BUYS PROPERTY OF ROLLING MILL AT UKRAINIAN-LATVIAN KVV LIEPAJAS METALURGS

Austria’s Smart Stahl GmbH has won the auction on the sale of the property of a rolling mill at insolvent Ukrainian-Latvian enterprise KVV Liepajas metalurgs, the enterprise’s administrator, Guntars Koris, has said. The proposed price was EUR 1.57 million, excluding VAT, or EUR 1.9 million, including VAT. Smart Stahl GmbH made the payment on March 21.
In addition to the Austrian company, Latvia’s Tolmets Ltd. and FeLM Ltd. also participated in the auction. The initial price of the property was EUR 1.33 million.
According to Austrian site firmenabc.at, Smart Stahl GmbH was founded in April 2017 with fixed capital of 35,000 euros. Its sole owner is Segoa Ventures Limited, a company registered in Cyprus. Smart Stahl Gmbh is a holding company that produces and sells steel and deals with management and IT services.

, , ,