Sayenko Kharenko, working with lead counsel Latham & Watkins, has successfully represented the State of Ukraine in a USD 6.1 billion investment treaty dispute with Littop Enterprises Limited, Bridgemont Ventures Limited, and Bordo Management Limited, the minority shareholders of Ukraine’s oil and gas producer PJSC Ukrnafta. The dispute was heard by the Arbitration Institute of the Stockholm Chamber of Commerce.
Sayenko Kharenko has successfully represented claimant Ukrainian agricultural holding PJSC MHP at the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry, as well as in Ukrainian courts, in connection with the unsuccessful attempt of the unidentified respondent in the case to set aside the ICAC's award.
The consequences of the pandemic are also leaving their mark on Ukraine. Ukraine’s GDP declined by 4.6% in 2020, compared to expected growth of 3.7% before the pandemic. However, unemployment has (officially) only risen from 9.0% to 9.9%, which may be related to the fact that a large proportion of the workers affected by redundancies were in the informal sector, i.e. not officially employed.
Good corporate governance contributes significantly to increasing company value and strengthening the confidence of investors. It has been promoted in Ukraine, as across the world, in the past few decades, and in March 2020, the Core Code of Corporate Governance, which was based on the work of over 50 Ukrainian and international experts, was adopted by the National Securities and Stock Market Commission of Ukraine (NSSMC).
At the beginning of 2021, the Government of Ukraine published its decision No. 1581-p, dated 16 December 2020, on approval of the list of 102 investment projects prioritised by the State for 2021 – 2023 in such fields as culture and tourism, industry and manufacturing, energy, healthcare, transport, and sports. 76 out of 102 projects may be financed by investors, 47 of which – using a public-private partnership, including the concession framework.