VEON Files Motion With Kyiv Court Challenging The Freezing Of Corporate Rights In Kyivstar
Portfolio Pulse from Benzinga Newsdesk
VEON Ltd. and VEON Holdings B.V. have filed two motions with a Kyiv district court, challenging the freezing of corporate rights in Kyivstar, announced by the Security Services of Ukraine (SSU) on 6 October 2023. VEON argues that the seizure violates the rights of VEON and its international investors. The company has not yet been officially served the initial court order or the amended order reducing the percentage of seized corporate rights to 47.85% of the shares. VEON clarified that a corporate rights freeze does not amount to asset seizure and does not affect the protection of foreign investors' interests.
October 30, 2023 | 3:31 pm
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VEON is challenging the freezing of corporate rights in Kyivstar, arguing it violates the rights of VEON and its investors. The company has not yet been officially served the court orders related to the seizure.
The freezing of corporate rights in Kyivstar, a subsidiary of VEON, could potentially impact the company's operations and investor relations. Although VEON clarified that a corporate rights freeze does not amount to asset seizure, the legal challenge and potential implications for corporate governance could negatively impact investor sentiment in the short term.
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