13:32 12.01.2017

JKX reports new raids in offices in Poltava

3 min read
JKX reports new raids in offices in Poltava

The National Police of Ukraine on January 11 again unexpectedly raided offices of Poltava Petroleum Company, a subsidiary of Britain's JKX Oil&Gas Plc with assets in Ukraine.

"We will be bringing this matter up with the relevant authorities in Kyiv. I believe these actions to be a distraction for JKX and damaging to Ukraine's investment climate," CEO of JKX Tom Reed said in a report of JKX on the London Stock Exchange (LSE) on Thursday.

According to the report, the raids are part of an ongoing investigation announced by the company on June 15, 2016. Poltava Petroleum Company is fully cooperating with the investigation, but nevertheless believes that it is in full legal compliance with matters outlined in the warrant and that the action is completely without merit.

As reported, in the middle of June 2016 JKX reported that the police raided the office of Poltava Petroleum Company and houses of its two executives. The raids were initiated by the Prosecutor General's Office in a tax nonpayment case.

Last summer the company asked British and U.S. Embassies in Kyiv for their assistance in engaging with the relevant authorities to resolve the situation with the local police investigation in Poltava into operations of its subsidiary.

The largest shareholders of the company are Eclairs Group of Ihor Kolomoisky and Hennadiy Boholiubov with 27.54% of the shares, Glengary Overseas Limited of Oleksandr Zhukov with 11.45%. In addition, Russia's Proxima Capital Group owns 19.92% in JKX.

KYIV. Jan 12 (Interfax-Ukraine) – The National Police of Ukraine on January 11 again unexpectedly raided offices of Poltava Petroleum Company, a subsidiary of Britain's JKX Oil&Gas Plc with assets in Ukraine.

"We will be bringing this matter up with the relevant authorities in Kyiv. I believe these actions to be a distraction for JKX and damaging to Ukraine's investment climate," CEO of JKX Tom Reed said in a report of JKX on the London Stock Exchange (LSE) on Thursday.

According to the report, the raids are part of an ongoing investigation announced by the company on June 15, 2016. Poltava Petroleum Company is fully cooperating with the investigation, but nevertheless believes that it is in full legal compliance with matters outlined in the warrant and that the action is completely without merit.

As reported, in the middle of June 2016 JKX reported that the police raided the office of Poltava Petroleum Company and houses of its two executives. The raids were initiated by the Prosecutor General's Office in a tax nonpayment case.

Last summer the company asked British and U.S. Embassies in Kyiv for their assistance in engaging with the relevant authorities to resolve the situation with the local police investigation in Poltava into operations of its subsidiary.

The largest shareholders of the company are Eclairs Group of Ihor Kolomoisky and Hennadiy Boholiubov with 27.54% of the shares, Glengary Overseas Limited of Oleksandr Zhukov with 11.45%. In addition, Russia's Proxima Capital Group owns 19.92% in JKX.

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