Kyiv, 16 January 2023 — Smart Holding, a major Ukraine-based industrial group and an international investor, today announces the completion of the latest round of its on-going restructuring.
As part of the restructuring, the Founder of Smart Holding, Vadym Novynskyi has decided to dispose of his shares in the company, placing his ownership stake into a trust. Corresponding Smart Trust and Step Trust agreements were concluded in November 2022 and registered by the Cyprus Securities and Exchange Commission. The trustees are highly qualified fiduciary administrators appointed in accordance with the licensing terms of Cypriot legislation. Accordingly, the trustees currently fully own, control and manage the Group's assets.
Pursuant to the above, as at the current date, Mr Novynskyi holds no beneficial interest in the Group, nor exercises any control over the Group’s activities or processes. Mr Novynskyi, who has not taken part in the running or the management of Smart Holding since 2013, has decided to focus all of his energies to pursue his private interests.
Smart Holding continues to operate as normal, run by a professional management team that has steered the business through the economic and civil crisis caused by the war with russia. The trustees are continuing the process of the reorganization of the Smart group of companies.
Julia Kiryanova, Chief Executive Officer of Smart Holding, said:
“Smart Holding has a mission to support the Ukrainian economy to withstand the devastation of the war, and will actively participate in the post-war reconstruction. We also have ambitious investment goals as part of our growth strategy internationally. We believe that with the talent and experience that we have accumulated in the management team, the company will rebuild its assets and come out stronger.”
Representatives of the Trust, as the beneficial owner, together with Smart Holding management are currently finalising the new corporate governance and management structure of Smart Holding in line with international best practice and are in the process of selecting new members of the Board of Directors.