Venta Ltd., one of the three largest pharmaceutical distributors in Ukraine, has transferred corporate rights belonging to Russia's JSC Katren to the Asset Recovery and Management Agency (ARMA).

As Venta Ltd. told Interfax-Ukraine, the corporate rights were transferred on August 1 at the initiative of the company's management and in cooperation with the Prosecutor General's Office (PGO) of Ukraine.

The pharmaceutical distributor said that "the transfer process took time and, like all good deeds, it needed silence."

"Since February 24, further partnership with the Russian founder has become unacceptable both from a moral point of view and from a business point of view. We are well aware of our mission, which is financial transparency, creating and supporting jobs, helping volunteers, hospitals and the military. Separately the independence of the company's management from the Russians should also be emphasized. Now we have decided to take the last, most important step from our point of view," the company said.

The pharmaceutical distributor said that the transfer of the Russian shares took place by court order in the course of criminal proceedings.

"By the time the Russian full-scale invasion of Ukraine began, the mechanism for the nationalization of Russian assets had not yet worked. That is why the company's management initiated and supported the prosecutor's petition to transfer the Russian share to the state in criminal proceedings. The main thing you need to know is that criminal proceedings are only a tool for seizing a share. All other accusations are for show. We deliberately took this step, taking all the associated risks and challenges that awaited us, and we hope for the understanding of business and consumers," the company said.

At the same time, the pharmaceutical distributor hopes to come up with a healthy and effective mechanism for the legal and final withdrawal of the Russian share in the near future.

"In the near future, we will make a joint statement with a state representative about our plans and how we will achieve our goals," the company said.

At the same time, the pharmaceutical distributor continues implementing the agreements and obligations, and after the transfer of corporate rights to ARMA for its partners, "essentially nothing will change."

According to Venta Ltd., the company's share in the pharmaceutical market of Ukraine at the beginning of 2022 was 10-11%, in March it increased to 15%.