3000 jobs at risk in Ukraine as Smart Holding's gas operations are suspended by authorities
Assets worth over US$280 million are currently frozen, including rights to over 40 enterprises as well as licenses to 30 gas wells. Smart Holding's Ukrainian operations have been impacted by the mounting pressures due law-enforcement and investigative actions following the decision by the Ministry of Justice to annul the 2022 corporate ownership changes and to deny the current beneficial owner their rights, alleging that Vadim Novinskiy, Smart's founder and ex-shareholder, remains the current owner.
The asset freezes started on
The seizure includes the assets of Smart Energy Group in the Kharkiv region, where production licenses were now suspended, and all activity has been stopped. Smart Holding has previously reported that due to suspension of Ukrgazvydobutok and Prom-Energo Product at Ostroverkhivske and Vasyschivske fields, the State and local budgets have already lost almost
Last year, the dividends of Smart Energy Group amounted to USD 27 million, of which USD 13 million was donated to help the military and citizens affected by the war. The remaining part was used to support the workplaces and operational activities of the Group.
"We fully support
The suddenly halted operation of a number Smart Holding businesses, including in the strategically vital gas production sector, puts the workforce of entire factories and operations at risk. We are trying to do the best we can for all our stakeholders, employees and the people of
We vigorously deny any allegations of wrong-doing, and see this as an unjustified and unlawful attack by the authorities on a key Ukrainian business. We call on the Office of the President to urgently launch an investigation and prevent further damage and escalation."
About Smart Holding
Smart Holding is one of the largest investment groups in
About Smart Energy
Smart Energy is a part of investment group Smart Holding and is in charge of implementing exploration projects, commercial development of the hydrocarbon deposits. It is ranked in top 5 biggest private gas producers of
Oil & Gas business block of Smart Energy is represented by gas producing Ukrgazvydobutok (Kharkiv region) and Enwell Energy, a listed British company having assets in Poltava (the Representative Office of Regal Petroleum Corporation Limited and Arkona Gas-Energy LLC) and Kharkiv regions (Prom-Energo Produkt).
View original content:https://www.prnewswire.com/news-releases/3000-jobs-at-risk-in-ukraine-as-smart-holdings-gas-operations-are-suspended-by-authorities-301828125.html
SOURCE Smart Holding
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