Ukraine confidently declared its intention to bring its legislation into line with EU standards by signing the Ukraine-European Union Association Agreement in 2014, which obliges Ukraine to implement a number of EU Directives, including those regulating various aspects of corporate governance.
The growing interdependence of world economies, driven by the reduction and removal of trade barriers, cheaper transport and communication costs, and increased use of the Internet (facilitating easier access to foreign markets), as well as by the growth of multinational corporations, has resulted in unprecedented cross-border trade and capital flows. At the same time, it has also opened up new opportunities for multinationals to reduce their profit in high-taxed jurisdictions by exploiting gaps and mismatches in domestic and international tax rules to artificially shift it to low-taxed countries (or tax havens).
After a period of political and economic instability which put M&A transactions in Ukraine into a dormant mode, the country is starting to show signs of revival. As the economy recovers and new legislation aimed at strengthening the rule of law and simplifying doing business is adopted, investors are again looking towards Ukraine with interest.
On October 4, 2017, CEELM reported that Everlegal had advised UDP Renewables, part of the UDP development group, on its development of the Dymerska Solar Power Plant in Ukraine. We reached out to UDP Renewables CFO Kiril Bondar, who manages the project.
DLA Piper Ukraine has advised and represented long-term client McDonald’s on the opening of a new restaurant in Kyiv.
Avellum, working alongside global advisor White & Case, has provided Ukrainian legal advice to Coast2Coast, a South-African investment company, on its acquisition of Poland-based Stella Pack by Coast2Coast portfolio company Bounty Brands.
Avellum has successfully represented Ceska Exportni Banka, a.s in a number of litigations against a Ukrainian corporate borrower in connection with the borrower's attempts to transfer mortgaged real estate assets securing a USD 37 million loan and a separate sale of the relevant loan and security claims.
The Russian annexation of Crimea in March 2014 and subsequent military actions in Eastern Ukraine left Ukraine reeling. It took a while for the country to develop a strategy and institute its first arbitration and court actions against the Russian Federation. These first legal challenges are now bearing fruit, as several landmark decisions have recently been delivered by major international dispute resolution venues.
Rob Shantz is a partner and the Head of the Corporate practice of Redcliffe Partners. He is a US-qualified lawyer with over 28 years of experience, including some 20 years in Central and Eastern Europe. Shantz specializes in cross-border corporate law and corporate governance matters, as well as in FCPA compliance investigation.