Since the beginning of the full-scale Russian invasion, businesses of Smart Holding Group have suffered significant losses, but despite all the circumstances, the holding company is doing everything to keep up the production process where possible, support employees, and lay the foundations for the rapid resumption and restoration of production cycles at temporarily idle enterprises after the liberation of territories. A set of anti-crisis measures, which the holding company introduced after the beginning of the war, made it possible to operate and further support production all this time. During the 14 months of the war, Smart Holding Group allocated more than USD 40 million for humanitarian projects and assistance to Ukraine.

Some politically connected players may be using the war as an opportunity to enrich themselves and plunder commercial rivals.

Due to suspension of special permits of private gas production companies Ukrgazvydobutok and Prom-Energo Product of Smart Energy Group for hydrocarbons production at Ostroverkhivske and Vasyschivske fields, the State and local budgets have already lost almost 110 million UAH, and the energy system – 12.4 million m³ of gas. Unless operation of companies is resumed in the near future, by the end of 2023 alone the State will have lost another 1.3 billion UAH of taxes and 135 million m³ of gas.

The Ministry of Justice of Ukraine, being under pressure from the Security Service of Ukraine, once again violated international and Ukrainian legislation and forcibly returned Vadym Novynskyi to the list of ultimate beneficiaries of the companies of Smart Holding Group, thus grossly violating the rights of the Cypriot Trustees. This made it possible to seize other companies of the Group, in particular, real estate and shipbuilding assets, to suspend the licenses of Enwell Energy, which is listed on the London Stock Exchange. Disrespect is shown not only to the committed Ukrainian investor, but also to international investors.

LLC Arkona Gas-Energy, which is Ukrainian asset of public British company Enwell Energy and part of Smart Energy Group, for the third time confirmed its legal rights to develop Svystunkivsko-Chervonolutske field.

On 25 April, Julia Kiryanova, the CEO of Smart-Holding, as well as the directors of the businesses from the company’s structure, held a joint press conference where they said about an attempted take-over of the business with the help of the country’s law enforcement agencies, and also gave answers to all the questions from the public and journalists, which arose during the last month.

Subject to the declared principles of integrity, transparency and openness, acting in the interests of the Trustees of one of the largest investment groups of Ukraine (the Business) and its employees, aiming to preserve this Business and its infrastructure, jobs, and a permanent source of revenue for the country’s budget, taking into account the unprecedented pressure from the entire law enforcement system on the enterprises of our Business, we propose for your consideration an offer for finding a way out of the current tangled situation, and a vision of our common future.

The authorities have seized the assets of leading Ukrainian conglomerate Smart Holding, changed the name of the beneficial owner of shares in the registrar and taken control of its gas fields that supply gas directly to the embattled city of Kharkiv amongst other customers in what management told bne IntelliNews is probably a corporate raid.

Today the Security Service of Ukraine (SSU) searched the offices of Smart-Holding Group and the business premises of Smart Energy under a criminal case which is completely groundless and is yet another attempt to exert pressure on a socially responsible and economically important business during wartime.