Russian businessman intends on suing Ukraine
Date
9/29/2024 8:39:12 AM
(MENAFN) Russian investment group USM, predominantly owned by billionaire Alisher Usmanov, has announced plans to initiate legal proceedings following a Ukrainian court's decision to seize its assets. The announcement comes in light of a ruling from Ukraine's High Anti-Corruption Court, which ordered the confiscation of 165,000 tons of iron ore valued at over USD48 million, currently stored in Ukrainian ports, along with the total ownership of Peter-Service Ukraine, an IT company under USM.
In a statement to RBK, Ukrainian Deputy Justice Minister Inna Bogatykh confirmed the court's decision, prompting USM to express its intent to challenge the ruling in international courts. The company condemned the seizure as a "blatant example of illegal and unjustified appropriation" of private property, asserting that it would make every effort to ensure that the actions of Ukraine's executive and judicial authorities are properly evaluated.
USM contends that its assets had been unlawfully blocked for over two years, claiming they had been held in a manner reminiscent of piracy. The company explained that the iron ore in question was purchased by its subsidiary, Metalloinvest, and exported through Ukraine to other countries. However, Ukrainian authorities detained these shipments shortly after the onset of the conflict in February 2022, alleging they did so without any legal justification and in connection with fabricated criminal cases.
USM argues that this recent court ruling marks the culmination of an ongoing process of illegal expropriation of its properties, further complicating the already tense relations between Russia and Ukraine.
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