SEO VEON: Investors from the USA and the EU are worried about the seizure in Ukraine of a share of the corporate rights of Kyivstar
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Kyiv, October 25. The heads of the international telecom group VEON (a company listed on Nasdaq and Euronext Amsterdam), which is the 100% owner of the largest Ukrainian telecom operator Kyivstar, are currently in Kyiv.
Kaan Terzioglu, Chief Executive Officer of the VEON Group, and Ogi Fabela, co-founder and Honorary Chairman of the VEON Board of Directors, planned meetings with Kyivstar employees, business partners, government representatives, as well as partners in the implementation of humanitarian initiatives for Ukraine – the Come Back Alive Foundation and Lviv Medical Center “Nezlamni”.
During the meeting with the staff of Kyivstar, VEON’s management expressed concern over the information about the seizure in Ukraine of a share of the corporate rights of the subsidiary.
Thus, on October 6, 2023, information about the “seizure of 100% of Kyivstar’s corporate rights” was published on the websites of a number of government agencies, with reference to a court decision that neither VEON nor Kyivstar have yet received.
This information was later found to be false, and it was reported that the stake in the seized corporate rights had been reduced to 47.8%. Such a decision was made with the aim of preventing Russian sanctioned persons who own shares of one of VEON’s minority shareholders (LetterOne company) from accessing the company’s assets.
Meanwhile, as Kaan Terzioglu reported, these sanctioned persons have “zero” influence on VEON and Kyivstar. Even at the beginning of the full-scale invasion of Russia, they were removed from any access to the company’s assets or management mechanisms.
According to Terzioglu, the American investors of VEON appealed to the US senators because of the seizure of Kyivstar’s corporate rights.
Investors see such actions as a negative signal, given the huge support that American taxpayers provide to Ukraine in its resistance to Russian military aggression.
VEON investors from the UK and EU countries also share this concern and have sent letters to their governments asking for clarification.
“During the visit to Kyiv, we want to convey our concern and once again demonstrate that VEON is an asset of Ukraine, not a liability. We are here to stay in Ukraine and we are committed to Ukraine.
We want our business to be understood and reflected as it really is: an exemplary success story of international investments in Ukraine,” Terzioglu commented.
He expressed hope that Ukraine has mechanisms to protect the interests of international investors.
In addition, Terzioglu expressed admiration and respect for Kyivstar employees for the resilience and courage of Ukrainian colleagues who, during the entire period of the full-scale invasion of Russia, supported the stable operation of critical infrastructure, risking their own lives.
To support Ukraine in its struggle VEON will allocate 600 million USD of investments, which will be used in the next three years to restore the telecom infrastructure and develop new technologies.
Kyivstar’s “4,000 heroes” have done a tremendous job over the past 20 months, keeping subscribers connected and maintaining the stability of the country even when war is raging. By allocating 600 million dollars of investments, we are honored to join the restoration and reconstruction of Ukraine’s infrastructure,” Kaan Terzioglu said.
As Oleksandr Komarov, president of Kyivstar, comments, “the visit of the VEON delegation to Ukraine is a logical step after the complete and irreversible withdrawal from Russia. For the company, this is evidence that the investment efforts of our shareholders will be even more focused on Ukraine.”
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