Ukrainian billionaire Rinat Akhmetov begins arbitration against Russia for captured assets, including Donbas Arena

Ukrainian billionaire Rinat Akhmetov has commenced arbitral proceedings against the Russian Federation to claim compensation for all losses caused to him in 2014-2017 as a result of asset seizure by the aggressor country.

Source: This was reported by the press service of SCM (System Capital Management), the holding company of which Akhmetov is the founder and beneficiary.

Details: As part of the proceedings, Akhmetov is claiming compensation from Russia for all damage caused to him during 2014-2017 as a result of interference in his business or the expropriation of assets and investments by Russian-directed or controlled terrorist groups, the so-called "Donetsk People’s Republic" and "Luhansk People’s Republic".

These assets include dozens of businesses in the mining, metals and energy industries and real estate, in particular the Yenakiiv Metallurgical Plant, DTEK Rovenkiantratsyt, DTEK Sverdlovantratsyt [two coal mining businesses – ed.], the Kirsha educational and training base, and the Donbas Arena, the construction of which involved an investment of more than US$400 million.

"Russia must be punished for its crimes against Ukraine and Ukrainians, which have been happening since 2014. Therefore, I am filing a claim for full compensation from the aggressor country for all the losses we have suffered since 2014 in the illegally occupied territories of Donetsk and Luhansk oblasts. … I am going to invest the awarded compensation to rebuild and open new factories and plants, create jobs, and contribute to the growth of the Ukrainian economy," Akhmetov said.

Background: Last year, billionaire Rinat Akhmetov sued the Russian Federation in the European Court of Human Rights for compensation for gross violations of his property rights during Russia's unprovoked military aggression against Ukraine.

In September 2018, DTEK [the Ukrainian energy distribution company owned by Akhmetov – ed.] began preparing a lawsuit against the Russian Federation for lost assets in Crimea, and in November 2018, the energy holding company filed arbitration proceedings.

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