Ukraine moves to seize water firm co-owned by Russian oligarch
What's the story
Ukrainian authorities are trying to seize a water company co-owned by the Patarkatsishvili family and Russian oligarch Mikhail Fridman. The Patarkatsishvilis, who include British theater impresario Liana Patarkatsishvili, own a 34% stake in IDS Ukraine, which produces Ukraine's biggest bottled water brands. The Ukrainian authorities froze these assets in 2022 due to the 49% stake that is also held in the company by Russian investors, including Mikhail Fridman. This brought the Asset Recovery and Management Agency (ARMA) into the picture.
Asset management
ARMA has been tasked with the management takeover
ARMA has been tasked with instructing independent management to take over the running of IDS Ukraine amid legal and bureaucratic hurdles.
The agency's head, Yaroslava Maksymenko, alleged possible money laundering risks under current management, but no official findings have been made.
The family spokesperson said the asset should not be taken away from non-sanctioned shareholders "against whom there are no allegations or concerns," and New World Value Fund Limited had pursued an unfounded claim of unlawful conduct by ARMA's officials.
Family's defense
Patarkatsishvilis are taking legal action
An investigation by Ukraine's National Anti-Corruption Bureau is ongoing into these claims.
The Patarkatsishvili family has vowed to defend their position in Ukrainian courts and international courts if necessary.
They argue that non-sanctioned shareholders shouldn't have their assets seized without allegations or concerns.
The family's shareholding in IDS Ukraine was inherited by Liana, her sister Iya, and their mother Inna after their father Badri's death in 2008.
Company operations
IDS Ukraine has continued operations uninterrupted since Russia's full-scale invasion
IDS Ukraine has continued its operations uninterrupted since Russia's full-scale invasion of Ukraine, supplying drinking water amid attacks.
A spokesperson for the company said they operate in accordance with Ukrainian law and are not aware of any investigations into money laundering or unlawful fund withdrawals.
The Patarkatsishvili family remains committed to defending their stake in IDS Ukraine amid these legal battles with Ukrainian authorities.