The Ukrainian Journal of Business Law

[http://ukrainianlawfirms.com] Counse link Aequo Senator Business Center, 32/2 Moskovska Street, 15th floor, Kyiv , 01010 , Ukraine Phone: +38 (044) 490 91 00 office@aequo.ua www.aequo.ua ANTIKA Law Firm 12, Khreshchatyk street, 2-nd floor, Kyiv , 01001 , Ukraine Phone: +38 (044) 390 09 20 Fax: +38 (044) 390 09 21 office@antikalaw.com.ua www.antikalaw.com.ua/en Asters Leonardo Business Center, 14th floor, 19-21 Bohdana Khmelnytskoho St., Kyiv , 01030 , Ukraine Phone: +380 44 230 6000 Fax: +380 44 230 6001 info@asterslaw.com www.asterslaw.com DLF attorneys-at-law Torus Business Centre, 17d Hlybochytska Street, Kyiv , 04050 , Ukraine Phone: +380 44 384 24 54 Fax: +380 44 384 24 55 info@dlf.ua www.dlf.ua EUCON Legal Group 5a Peremohy avenue, office 500, Kyiv , 01135 , Ukraine Phone: +38 (044) 238 04 13 info@euconlaw.com www.euconlaw.com EQUITY 4 Rylskyi lane, Kyiv , 01001 , Ukraine Phone: +38 (044) 238 04 13 info@equity.law www.equity.law GOLAW 19B Instytutska Street, Office 29, Kyiv , 01021 , Ukraine Phone: +38 (044) 581 12 20 Phone: +38 (044) 581 12 21 Fax: +38 (044) 581 12 22 info@golaw.ua www.golaw.ua Ilyashev & Partners 11 Kudryavska Str, Kyiv , 04053 , Ukraine Phone: +38 (044) 494 19 19 Fax: +38 (044) 494 19 99 office@attorneys.ua www.attorneys.ua Konnov & Sozanovsky 23 Shota Rustaveli Street, Suite 3, Kiev , 01019 , Ukraine Phone: +380 (0) 44 490-5400 Fax: +380 (0) 44 490-5490 info@konnov.com www.konnov.com LCF Law Group 47 Volodymyrska street, Office 3, Kyiv , 01034 , Ukraine Phone: +38 (044) 455 88 87 Fax: +38 (044) 502 55 23 info@lcfgroup.com.ua www.lcfgroup.com.ua/en/ Sayenko Kharenko 10 Muzeyny Provulok, 7th floor, Kyiv , 01001 , Ukraine Phone: +380 44 499 6000 Fax: +380 44 499 6250 info@sk.ua www.sk.ua Sergeyevs` Law Office 11/6 Armiiska Str., Office 2A, Odesa , 65058 , Ukraine Phone: +38 (050) 199 8228 Fax: +38 (048) 737 8228 office@srgv.com CURRENT ISSUE ( July-August 2021 ) In focus – Business Crime and Investigations Criminal risks for business in Ukraine remain quite significant as part of a general set of risks usually considered by foreign investors. International business has brought compliance management systems to their everyday operations and management. As for local business owners, there are permanent cases of misappropriation of funds, corporate raiding, and fictitious bankruptcies. Lawyers confirm that of late there is increasing demand for conducting corporate investigations to discover internal and external fraud, money laundering, abuse of office, negligence. All in all, the practice in Ukraine is booming and keeping criminal attorneys busy. Expert Opinion New Business Crime Trends in Ukraine by Sergiy Smirnov, Zlata Simonenko The government has been continuing to implement the earlier-proclaimed policy related to harmonizing Ukrainian legislation with European standards and creating anti-corruption legislation. For the last few years, amendments to the Criminal Code, the Criminal Procedure Code , as well as other laws and regulations have been initiated to reduce pressure on business and improve the investment climate. Sergiy Smirnov is a partner at Sayenko Kharenko Zlata Simonenko is a counsel at Sayenko Kharenko In Re Crypto Fraud: Potential for Recovery by James Ramsden, Nicholas Connon, Ivan Kovalenko It has a market value of around USD 2 trillion and it is not gambling or some forbidden business. This article is about the cryptocurrency market, whose value topped USD 2 trillion in April 2021. It is undoubtedly true that this market involves the risk of illegal actions like fraud or theft. James Ramsden QC is a partner at Astraea Group (London) Nicholas Connon is CEO at Quintel Intelligence (London) Ivan Kovalenko is a senior associate at Hillmont Partners (London) Business Crime & Investigations by Zoya Burbeza, Julian Hayes What is business crime? The term business crime, which is also called Уwhite-collarФ crime, is generally used to describe offenses committed by businesses and their office holders, often for personal gain or for commercial advantage, but usually within the course of business dealings. It usually involves aspects of financial crime, although the motivation may not always be purely financial. Business crime includes (but is not limited to) fraud, money laundering, tax evasion, bribery and corruption, blackmail, insider trading, cyber security crimes and straightforward theft. Zoya Burbeza is a consultant solicitor at Gateley, London Julian Hayes is legal director at Gateley, London Cashback Ukrainian-Style by Kostiantyn Kryvenko, Denys Nienov Like in any other country, fraud in Ukraine may assume a variety of forms. Both businesses and individuals can fall prey to it. What types of fraud impact businesses the most, what promotes it and how can this be avoided? What measures can the injured party take if the fraudsters have already taken possession of its property? LetТs try to provide some insight into the problem. Kostiantyn Kryvenko is an attorney at law at Ilyashev & Partners Denys Nienov is an attorney at law at Ilyashev & Partners News Deals EVERLEGAL acted as legal counsel for UDP Renewables CMS advised EBRD on financing for Kokhavynska Paper Factory Horizon Capital and Datagroup acquired Volia group of companies Asters advised BSTDB CMS and Kinstellar advised EBRD on funding for leading energy and gas trading company in Ukraine Cases Court declared confectioner AVK bankrupt European Court of Justice issued judgment restricting pumping of gas bypassing Ukraine Supreme Court failed to allow state to return gas distribution networks assigned to RGC group for operation Draft Verkhovna Rada approved draft law on oligarchs in first reading Law enables taxes for casinos and bookmakers to be cut MPs supported rise in guaranteed amount for depositors to 600,000 in first reading Draft law on activities of AMCU passes first reading in Verkhovna Rada Law digest Ban on plastic bag use set to come into force in December Parliament approved banking draft law necessary for cooperation with IMF Law on Mechanisms for withdrawing banks from market adopted Launch of special mode for IT industry agreed Verkhovna Rada passed law on restructuring gas debts in market Biznews Banking & Finance Ukraine to get EUR 340 million loan from EIB to renovate infrastructure in eastern regions Aviation New low-cost airline flying to Germany to† enter Ukrainian aviation market M&A Hitachi acquired GlobalLogic for USD 10 billion Amazon buys Hollywood studio Metro-Goldwyn-Mayer for USD 8.45 billion Zoom buys cloud service provider for nearly USD 15 billion Competition Google fined EUR 200 million by French regulator FacebookТs market value surpassed USD 1 trillion for first time Capital markets Localized ISDA documentation is just around the corner Cover Story Comfortable Defense The Western partners of the state of Ukraine consistently pursue ongoing anti-corruption reform with a special focus on developing its institutional capacities. The commitments resulted in the establishment of subsequent authorities, namely the Anti-Corruption Bureau, Anti-Corruption Court and the Anti-Corruption ProsecutorТs Office. The new wave of political cases and investigation of business crimes resulted in the initiation of resonant criminal proceedings. The white-collar crime practice continued its upcoming track, keeping criminal defense attorneys busy and ready for high media resonance. We met up with Olga Prosyanyuk and Igor Fedorenko , partners of AVER LEX attorney at law, to discuss the current practice and peculiarities of client representation before the High Anti-Corruption Court of Ukraine. Argument The Liability Side of Corporate Governance by Taras Dumych Corporate governance is commonly associated with decision-making, directing, oversight and the representation of companies in public by company executives and board members. These roles are undoubtedly important elements of corporate governance. However, there is yet another side of corporate governance, which is arguably more robust than the above-referred privileges, but is no less important. This other side relates to liability, which arises from corporate governance. Taras Dumych is a partner at Wolf Theiss Crux Legal Digest Despite the relative calm in law-making activities before the start of the new political season, there are still some attention-worthy highlights from the previous months related to the countryТs banking and taxation sectors. These include Draft Law No. 5542-1, which increases the guaranteed sum in the event of a bankТs insolvency; Draft Law No. 4546, which improves mechanisms for the withdrawal of banks from the market; Draft No. 2713-d, which reduces taxes for gambling businesses; Draft No. 5376, which† establishes a special tax regime called Diia.City. The UJBL editorial team asked our experts to provide comments on the issues mentioned. 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