VEON Holding (Amsterdam), whose shares are traded on the NASDAQ and Euronext Amsterdam exchanges, is and remains the sole and full owner of the largest Ukrainian telecom operator Kyivstar, the holding said in a statement on Thursday in connection with the latest reports from law enforcement agencies and the media about the seizure of Kyivstar shares within the case of Mikhail Fridman and his partners.

"Underlining the duties to employees, customers and investors, VEON and Kyivstar intend to use all available avenues to protect the rights of VEON and Kyivstar," it said on its website.

"VEON notes and welcomes the subsequent clarification by the State Security Service of Ukraine noting that “the seizure of corporate rights of Ukrainian companies does not affect the protection of the interests of foreign investors and owners of shares of corporate rights, does not hinder their economic activity and the possibility of receiving dividends",” it said.

"VEON deeply values its investors’ support for its strategic choices, including its exit from Russia – one of the most significant corporate exits given VEON’s public listing and the relative size of the asset – and appreciates the support it has received from US, UK and EU regulators over the course of the past 19 months," the report says.

"The individuals mentioned in the Security Service announcement [Fridman and his partners] cannot exercise any rights regarding VEON or Kyivstar, are not a part of either company’s governance mechanisms, including boards, nor do they have the ability to control or influence decisions made by VEON or Kyivstar. They do not derive benefits from VEON or any of its operating companies. Any actions aimed at the rights, benefits or funds of the aforementioned individuals cannot legitimately be directed toward Kyivstar or VEON," according to the document.