Creating companies in a foreign jurisdiction was the only possible way to pass the assets of Ukrainian President Petro Poroshenko to a reputable international trust structure for management, the Avellum law firm, a legal advisor to Poroshenko, has stated.

"Companies in foreign jurisdictions are necessary and used for transfer to blind trust. These companies did not open bank accounts and they did not make any financial transactions. Therefore any allegations of tax evasion are groundless," reads a press release from Avellum, issued on the request of the client in connection with the journalistic investigation made public on April 3.

The law firm specified Poroshenko authorized it to prepare his stake in Roshen confectionery corporation for the sale of business, and in future for transfer to a blind trust.

"Relevant agreements were signed, which authorize us, ICU investment group and foreign legal advisers we attracted in future to carry out all actions necessary for the transfer of the asset to the blind trust in full accordance with Ukrainian law and the laws of other countries," read the statement.

According to the report, an agreement on setting up a blind trust has been signed.