Ukraine's Attempt to Seize Water Company Sparks Dispute with British Family
Ukrainian authorities' move to seize water producer IDS Ukraine due to Russian investors has led to a legal dispute with minority partners and a British family holding shares in the company.
Ukrainian authorities are preparing to seize IDS Ukraine, the country's largest bottled water producer, over shares associated with sanctioned Russian investor Mikhail Fridman and others. This move has triggered a legal conflict with minority shareholders, including the British billionaire Patarkatsishvili family, who have ties to the theater world.
Freezing of Company Assets
The corporate assets of IDS Ukraine, the producer of the largest bottled water brands in Ukraine, were frozen in 2022 due to a 49% stake held in the company by Russian investors. These investors include Mikhail Fridman, the founder of the Western-sanctioned Russian Alfa Group.
Legal and Bureaucratic Obstacles
The Asset Recovery and Management Agency of Ukraine was tasked with appointing independent management for the company. Agency head Yaroslava Maksymenko stated that they have encountered legal and bureaucratic hurdles due to resistance from shareholders.
Response from Minority Shareholders
Unsanctioned partners such as Liana Patarkatsishvili and her family, who own a 34% stake in the company, stated that they have supported Ukraine since the 2022 invasion. A family spokesperson indicated that they will seek justice in international courts if necessary.
Ongoing Legal Proceedings
While the struggle by shareholders opposing the nationalization of assets continues, separate legal proceedings are also ongoing in Ukraine's High Anti-Corruption Court.