Ukraine's president declares control over 100 companies in Ukraine and abroad

By bne IntelliNews October 31, 2016

Ukrainian President Petro Poroshenko controls more than 100 companies registered in Ukraine and in foreign jurisdictions, according to his electronic declaration of earnings and assets, filed to a new national system of income declaration.

Poroshenko's declaration was sent one hour before the deadline for submissions to the system, which was implemented under pressure by International Monetary Fund as a means of eradicating corruption among state officials, including those in high office.

Faltering introduction of the electronic system this year was a main obstacle to the resumption of the IMF's $17.5bn stalled support package for Ukraine, and also held up work on the long-negotiated granting of visa-free travel for Ukrainians to the European Union (EU). Since the system was brought fully online in September, the IMF released another $1bn tranche of funding that has been withheld for more than a year.

"As for my e-declaration, I’d like to note straight away that all the valuable movable and immovable property: housing, estates, cars, paintings, women's jewelry - all had been purchased (not leased) before my presidency," Poroshenk wrote on his Facebook page on October 30. "In addition, the property was mainly acquired when I was not a public servant."

According to the declaration, the president controls non-diversified corporate investment fund Prime Assets Capital, which is an umbrella for numerous assets belonging to Poroshenko.

Among Ukraine-registered companies, Poroshenko is a beneficiary owner of Roshen Europe B.V. (the Netherlands), Bonbonetti Choco Confectionary Factory, Bonbonetti, Choco Bonita (Hungary), ROSHEN (Lithuania), Roshen Food (Shanghai), Lipetsk Confectionary Factory and RoshenTrans (Russia), Roshen-Polska (Poland), Feruvita S.L. and Centris (Spain), Eray-System, Telaview and CII Confectionary Investments (Cyprus), Prime Assets Partners (British Virgin Islands).

Poroshenko also declared his revenue from interest was UAH12.3mn ($481,900) and investment revenue totalled UAH59.2mn ($2.3mn) in 2015.The president has UAH540,000 ($21,155), $26.3mn and €14,300 in bank accounts, as well as UAH900,000 ($35,260) and $60,000 in cash.

Meanwhile, according to the declaration of Prime Minister Volodymyr Groysman filed five days earlier, he has UAH2.4mn ($93,660), $870,000 and €460,000 in non-deposit cash. The PM also has deposits of UAH2.1mn ($82,380) in Credit Agricole Bank, UAH21,775 ($854) and €16,200 in Privatbank, and UAH3,499 ($137) in Prominvestbank. The premier also owns two apartments, two houses and four land parcels, as well as 20 declared works of art, mainly watches and jewelry.

Earlier, the president's son Oleksiy Poroshenko, a Ukrainian lawmaker, declared more than UAH77,000 ($3,000) of salary for 2015, and almost UAH81,000 ($3,170) as financing expenses related to his parliamentary activities. At the same time, the salary of his wife, Yulia Poroshenko, was more than UAH1.96mn ($76,800).

Oleksiy also declared €15,000 on bank accounts, as well as UAH187,000 ($7,330), $141,000 and €88,000 in cash.

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