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On February 13, 2021, the Law of Ukraine No. 1116-IX “On State Support for Investment Projects with Significant Investments in Ukraine” dated December 17, 2020 (the “Law”) entered into force. This Law aims to attract high-value foreign investment to Ukraine and defines the principal rules and guarantees for the implementation of investment projects (the “investment project”).

Kinstellar is advising Ukrainian road construction company Automagistral-Pivden on the preparation of an unsolicited proposal for the construction of the 300-kilometer Krakovets-Lviv-Brody-Rivne motorway, to be undertaken on a public-private partnership or concession basis in accordance with Ukraine’s new PPP and concession law.

Sayenko Kharenko, working with lead counsel Latham & Watkins, has successfully represented the State of Ukraine in a USD 6.1 billion investment treaty dispute with Littop Enterprises Limited, Bridgemont Ventures Limited, and Bordo Management Limited, the minority shareholders of Ukraine’s oil and gas producer PJSC Ukrnafta. The dispute was heard by the Arbitration Institute of the Stockholm Chamber of Commerce.

Sayenko Kharenko has successfully represented claimant Ukrainian agricultural holding PJSC MHP at the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry, as well as in Ukrainian courts, in connection with the unsuccessful attempt of the unidentified respondent in the case to set aside the ICAC's award.

The consequences of the pandemic are also leaving their mark on Ukraine. Ukraine’s GDP declined by 4.6% in 2020, compared to expected growth of 3.7% before the pandemic. However, unemployment has (officially) only risen from 9.0% to 9.9%, which may be related to the fact that a large proportion of the workers affected by redundancies were in the informal sector, i.e. not officially employed.

Good corporate governance contributes significantly to increasing company value and strengthening the confidence of investors. It has been promoted in Ukraine, as across the world, in the past few decades, and in March 2020, the Core Code of Corporate Governance, which was based on the work of over 50 Ukrainian and international experts, was adopted by the National Securities and Stock Market Commission of Ukraine (NSSMC).

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Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

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Firm's website: www.avellum.com

 

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