Competent Supervisory Board of Kharkivoblenergo Formed


An extraordinary general meeting of KHARKIVOBLENERGO’s shareholders, held online on 15 December 2021, elected the competent composition of the Company’s Supervisory Board.

Five representatives of the Company’s shareholders and two independent members were elected to the Supervisory Board, as stipulated by applicable law.

From SMART HOLDING (CYPRUS) LTD, Ivan Gerasimovich and Oleh Tretyak were elected to the Supervisory Board.

Ivan Gerasimovich, Risk Management and Security Director of Smart Holding, a member of KHARKIVOBLENERGO’s Supervisory Board, noted:

‘The election of the competent Supervisory Board of KHARKIVOBLENERGO is a significant step towards bringing the Company’s corporate governance system to a legally defined format. We, as shareholders, will do everything in our power, acting within the limits of our authority, to improve the financial condition of the enterprise and put an end to any corrupt practices. First of all, we will initiate an independent performance audit of the Company’s Directorate (Management Board), and further on will take all legally stipulated measures to protect the interests of the Company’s shareholders, including the state.’

For reference:

SMART HOLDING (CYPRUS) LTD became a shareholder of KHARKIVOBLENERGO JSC in February 2021.

SMART HOLDING made repeated statements on the incompetence of KHARKIVOBLENERGO’s management bodies, as a result of which the current management of the energy company is virtually beyond the control of its shareholders. The situation established in the company creates conditions for numerous corrupt practices and abuse with the company’s assets and financial resources.

SMART HOLDING is one of the largest investment groups in Ukraine. The interests of the Group focus on the industries that are the key ones for the economy of the country. The companies of Smart Holding Group invest in metals and mining, oil and gas sectors, agriculture, shipbuilding, real estate and energy. The strategy of SMART HOLDING is aimed at efficient management of a diversified investment portfolio in order to increase its value in the long term.

SMART HOLDING (CYPRUS) LTD is the top holding company of the Group that was established and operates under the laws of the Republic of Cyprus. Its beneficiary is Vadym Novynskyi.