Ukraine seeks to seize water company owned by billionaire family of British theatre mogul
Summary
Ukrainian authorities want to take control of a water company partly owned by a British billionaire family and Russian investors under sanctions. The dispute involves legal battles and concerns about possible money misuse during the ongoing war between Ukraine and Russia.Key Facts
- The Patarkatsishvili family, British-based billionaires, hold 34% of a Ukrainian bottled water company called IDS Ukraine.
- Russian investors, including Mikhail Fridman, own 49% of the company; Fridman is under Western sanctions due to support for Vladimir Putin.
- Ukraine froze the company's assets in 2022 and appointed an agency (Arma) to manage it independently.
- Arma faces legal challenges and resistance from shareholders who do not want to lose control.
- Arma suspects possible money laundering but has no official proof.
- The Patarkatsishvili family denies wrongdoing and plans to seek justice in Ukrainian and possibly international courts.
- The family inherited their stake after the death of Badri Patarkatsishvili, a businessman who made his fortune after the Soviet Union broke up.
- There is an ongoing anti-corruption investigation related to the company.
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