An attempt is made to legitimize the mechanism for the state to assign ownership of shares belonging to disaffected persons, followed by an opaque mechanism for restoring these rights , said the Chamber of Commerce.
The possible adoption of a law confiscating private property would undermine the confidence of Western governments and cause irreparable damage to the investment climate. This was stated in an open letter from the Ukrainian National Committee of the International Chamber of Commerce (ICC Ukraine) to the heads of parliamentary factions and groups of the Verkhovna Rada.
We are talking about draft law No. 11195 On amendments to some laws of Ukraine on the mechanism for protecting the property rights of third parties, which is recommended to be included in the agenda.
The committee recalled that the bill proposes to establish a special mechanism for the recovery of 100% of shares (shares) or other securities directly or indirectly owned by a legal entity in the ownership structure property where there is a person who has been punished. applied.
At the same time, it is assumed that for non-sanctioned persons who own shares in such a legal entity, a special procedure will be applied, that is, the opening of escrow payments on securities and/or escrow account of company shares and crediting such accounts with rights to securities and/or shares in an amount corresponding to a certain amount of participation in the package, collected as state revenue. In the future, it is expected that it will be possible to register rights to such shares (shares) of people who did not apply sanctions by transferring rights to securities, said lCC Ukraine.
“This bill attempts to legitimize the mechanism for the state to assign ownership rights to shares owned by non-consenting persons, with subsequent non-transparent mechanism for restoring such rights In addition, during the dubious and non-transparent renewal of rights these parts, unauthorized persons are deprived of the right to participate and manage a legal entity “, said the open letter.
The committee believes that the bill may establish a hidden appropriation of relevant state assets, a change in the ownership structure of legal entities and the removal of ownership and management of a legal entity of the founders who are not even subject to sanctions.
“The adoption of the bill in the first reading and its further consideration will not only show complete disrespect for the institution of property rights, but will also seriously undermine the confidence of Western governments and cause irreparable damage to the investment climate In addition, existing foreign investors may be very concerned about such actions by lawmakers, and further reduce business activity during the war and in period of restoration and reconstruction , and we urge people’s representatives not to support it in consideration of the Rada,” called on the lCC Ukraine.
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Let’s recall that the Federation of Employers of Ukraine called on the Verkhovna Rada not to vote for the draft law on confiscation of private property. If the bill is voted in its current form, not a single investor will invest money in Ukraine, the Federation said.
Source: korrespondent
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