Ukrainian oligarch Kolomoiskyi transfers corporate rights to 1+1 Media to company's staff

Ukrainian oligarch Ihor Kolomoiskyi, owner of the 1+1 Media Group, who is in custody in the case of the misappropriation of PrivatBank's funds, has transferred his corporate rights in the media holding company to be managed by the company's staff represented by the current Director General, Yaroslav Pakholchuk.

Source: 1+1 Media’s website

Kolomoiskyi decided to transfer his corporate rights on 23 October. The statement was addressed to the team of the media group and the National Council for Television and Radio Broadcasting.

Quote: "I have decided to transfer the corporate rights belonging to me to the management of the team in the person of Yaroslav Valeriyovych Pakholchuk, Director General of Studio 1+1 Television and Radio Company LLC, who will act in the interests of the companies and on behalf of the team as a representative," Kolomoiskyi’s statement reads.

The 1+1 statement reads that the authority to manage corporate rights provides for the manager's ability to make any necessary decisions on his behalf, except for alienating and/or encumbering corporate rights belonging to Kolomoiskyi and receiving dividends.

"The transfer of corporate rights to management will not lead to a change in the ultimate beneficial owner of the 1+1 Media Group, the decisive influence (control) remains with Ihor Kolomoiskyi," the media group added.

The decision to transfer corporate rights was adopted for a period of five years. 1+1 explains that this was done "to protect and preserve the principles of freedom of speech, impartiality and objective coverage of events, which are critically important factors for the existence of a media company in the conditions of a full-scale war". Another reason is Kolomoiskyi’s current inability to fully exercise his powers. The oligarch has been in custody since 2 September.

"Today, it is extremely important, especially in the conditions of turbulence and a full-scale invasion, to preserve the working mechanism that has been formed for years, and to ensure the continuity of the team's work to fulfil the tasks of the information defence capability of the country which are assigned to it," Kolomoiskyi summarised.

Background:

• On 2 September, the Security Service of Ukraine (SSU), the Bureau of Economic Security and the Prosecutor General's Office served oligarch Ihor Kolomoiskyi with a notice of suspicion under Articles 190 and 209 of the Criminal Code: fraud and legalisation (laundering) of the proceeds of crime. Subsequently, Kolomoiskyi was served with two more notices of suspicion concerning the withdrawal of a total of UAH 15 billion (approx. US$406 million) from PrivatBank.
• Kyiv’s Shevchenkivskyi District Court remanded Kolomoiskyi in custody for 60 days with the option of bail of nearly UAH 510 million (US$13.3 million). The bail was subsequently increased to UAH 3.89 billion (US$101.5 million).
• On 8 September, the National Anti-Corruption Bureau and the Specialist Anti-Corruption Prosecutor's Office seized Kolomoiskyi's assets and property for two days.
• On 21 September, High Anti-Corruption Court judge Oleh Tkachenko refused to allow prosecutors from the Specialised Anti-Corruption Prosecutor's Office to seize Kolomoiskyi’s assets.
• On 24 October, the Shevchenkivskyi Court of Kyiv rejected the request of the defence of Ihor Kolomoiskyi to change the preventive measure to house arrest and left the pre-trial restriction unchanged: he remained remanded in custody and bail was set at UAH 3.89 billion (US$108.3 million).
• Kolomoiskyi faces up to 12 years in prison.

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