: :inin Kyiv (EET)

Roshen corporate restructuring in line with Ukrainian law – Baker & McKenzie

The corporate restructuring of Roshen performed ahead of the placement of Petro Poroshenko`s stake in the company to a trust was compliant with the Ukrainian legislation, according to the conclusion of the international law firm Baker & McKenzie.
According to Baker & McKenzie`s conclusion, no cash transfers beyond Ukraine`s borders was made during the process of restructuring and transfer of Roshen into a trust.
The restructuring did not envisage any cash transfers across the border, says Baker & McKenzie. Acquisition of shares of non-Ukrainian companies was performed as the exchange of the shares for the Ukrainian corporate rights.
Baker & McKenzie also concluded that no license of the NBU or the Economy Ministry was required to enable Petro Poroshenko`s fund to acquire shares in a Cyprus-based company and contribute to this company`s capital a stake in a Ukrainian company.
No agreement, authorization, approval, license or registration of any government body of Ukraine was needed to enable the Fund to enter into or perform the Cypriot Subscription Agreement, Baker & McKenzie concluded.
The conclusions of the international law firm refute the earlier spun misleading information regarding the transfer of nearly EUR 4 million by Petro Poroshenko`s fund to acquire the shares in a Cyprus-based company.
In response to certain media`s groundless allegations of violation of Ukrainian legislation, Petro Poroshenko`s counsels approached the independent international law firm with requesting to check the Poroshenko fund`s transactions related to Roshen`s restructuring. All documents on all transactions which had been carried out in this regard were provided to Baker & McKenzie for analysis.
Baker & McKenzie is a leading international law firm established in 1949 in the U.S. The firm is represented in 47 countries. Baker & McKenzie was the first international law firm to open an office in Ukraine back in 1992.


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