Smart Holding, a large Ukrainian investment and industrial group and an international investor, has announced a change of ownership, which until recently was former MP Vadym Novynsky, as a result of the completion of another round of ongoing restructuring.

"As part of the restructuring, the founder of Smart Holding Vadym Novynsky decided to transfer assets to a trust. The corresponding Smart Trust and Step Trust agreements were concluded in November 2022 and registered by the Cyprus Securities and Exchange Commission," the holding said on its website on Monday.

According to it, the trustees were highly qualified fiduciary administrators, appointed in accordance with the licensing terms of the Cypriot legislation.

"Accordingly, trustees fully own, control and manage the assets of the Group... Considering the above, as of the current date, Vadym Novynsky does not have a beneficial interest in the Group and does not exercise any control over the activities or processes of the Group," the holding said.

In accordance with it, Novynsky, who has not been involved in the management of Smart Holding since 2013, decided to focus his activity on private interests.