Open letter of Arricano Real Estate Plc To the President of Ukraine Petro Poroshenko
The Company Arricano Real Estate Plc has repeatedly appealed to you about raider attacks at Sky Mall shopping center. Previous letters had contained all the details regarding violations of Ukrainian legislation and schemes of illegal asset stripping of Sky Mall shopping center, 49,97% of which belong to Arricano Real Estate Plc Company.
We inform you with this letter that on May 5, 2016 London Court of International Arbitration ruled on the dispute between the shareholders of the company that owned the Sky Mall shopping center. According to the decision, all the shares in Assofit Holdings Limited, previously owned by Stockman Interhold S.A. (beneficiary - A. Adamovskyi) shall be transferred to the Arricano company no later than June 5, 2016 for $ 0 on account of the caused damage.
Owing only one share less in the project of Sky Mall shopping center (49,97% to 50,03%), Arricano was completely deprived of the access to the financial statements of the shopping mall, and since February 2012 Arricano company has not received any income. Experts estimate the market rental income of Sky Mall shopping center is about 2 mln US dollars per month. Since August, 2014 Sky Mall shopping center and the joint company that owned it were illegally expropriated for the benefit of persons connected with Ukrainian partners of Arricano company in this project.
Considering the fight against corruption and protection of foreign investors you declared, the company Arricano Real Estate Plc appeals to you with an open letter asking to:
• initiate a thorough investigation concerning the actions of law enforcement agencies and officials, including, but not limited to, the Prosecutor of the Dniprovskyi district of Kyiv and Kyiv Prosecutor's Office regarding the illegal seizure of Sky Mall shopping center and its improper disposal;
• initiate an objective investigation of illegal withdrawal of the rental income of Sky Mall shopping center by the directors of "Prisma Beta" through fictitious company in order to avoid taxation;
• initiate an objective investigation into the actions of officials of "Prisma Beta" concerning illegal deprivation of Arricano company of the possibility to get revenue from the shopping mall management and economic activities of "Prisma Beta";
• initiate an objective investigation of the work of civil registrars and the circumstances of the transfer of Sky Mall shopping mall to the bank "Pivdennyi".
We believe in the rule of law in Ukraine and in the implementing of the decisions of the London Court of International Arbitration in full, which will be an important and striking example of improvement of the investment climate in Ukraine.