UX asks Freedom Holding to donate their 24.27% stake in UX Ukraine to maintain exchange license
Ukrainian Exchange (UX, Kyiv) appealed to the board of directors of Freedom Holding Corp., the owner of 70% of whose shares, Timur Turlov, is included in the Ukrainian sanctions lists, with a request to urgently consider the possibility of donating the 24.2651% stake in UX owned by Freedom Holding to the state of Ukraine and thereby help preserve UX's exchange license.
As stated in the letter signed by head of the board of the exchange Artem Yershov and head of the exchange council Serhiy Oksanich, which was reviewed by Interfax-Ukraine, in connection with the application of sanctions against Turlov on October 19, 2022, the National Securities and Stock Market Commission of Ukraine on April 17, 2024 issued a resolution to initiate an administrative case.
The authors of the letter indicate: if the violation is not eliminated by excluding the sanctioned person from the ownership structure of the exchange in the near future, the National Securities and Stock Market Commission has the right to apply a sanction to the exchange in the form of stopping or revoking the license, which will result in the liquidation of the exchange.
According to the management, the donating by Freedom Holding of shares to the state is the only possible legal way to resolve this situation.
For its part, the exchange undertakes to take all necessary actions to maintain the license.