Vadym Novynskyi, a Russian native who has been a citizen of Ukraine since 2012, has transferred his assets in Smart Holding company. Smart Holding, established in 1999, focuses its investment efforts on key Ukrainian industries. These include agriculture, energy, mining and metals, oil and gas, shipbuilding, and real estate. Novynskyi assumed the position of chairperson of the supervisory board of Smart Holding Group in 2009.
Novynskyi has not participated in managing the international investing and industrial group since 2013. He resigned from his position nearly one decade ago to focus on private interests. The company operated under the highest ethical standards when he was in leadership and will continue to do so now that he has formally departed.
“As part of the restructuring, the founder of Smart Holding, Vadym Novynskyi, decided to transfer assets to a trust,” Smart Holding posted on its website. “The corresponding Smart Trust and Step Trust agreements were concluded in November 2022 and registered by the Cyprus Securities and Exchange Commission.”
Novynskyi and the current leaders of Smart Holding Group reached an agreement in November 2022 that saw him create Step Trust and Smart Trust agreements. He then registered the trust agreements with the Cyprus Securities and Exchange Commission.
Trustees for the commission appointed fiduciary administrations who received their appointment according to the licensing terms described in Cypriot legislation. As part of their obligation toward the Smart Holding Group, commission trustees will manage, control, and maintain 100% ownership of all group assets.
Once the above deal commenced, Vadym Novynskyi no longer had any financial interest in Smart Holding Group, nor did he exert any control over its decisions and processes. He has had little activity with the Group since 2013.
“Accordingly, trustees fully own, control, and manage the assets of the group … Considering the above, as of the current date, Vadym Novynskyi does not have a beneficial interest in the group and does not exercise any control over the activities or processes of the group,” the holding said.
The new owners of Smart Holding Group still intend to negotiate reorganization efforts for other company branches, such as the metals and mining sector, which was established in 1999. The management team has met the challenges of Russia’s ongoing attacks on Ukraine and intends to keep the company afloat despite the monetary crisis caused by the war.
Julia Kiryanova, Smart Holding Group’s current CEO, states that one of the company’s missions is to support the economy of Ukraine during and after the war with Russia.
“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,” said Kiryanova. “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.”
At the end of the conflict, Smart Holding Group will support post-war reconstruction throughout the country. To ensure that Smart Holding Group can meet that goal, its current trustees have established an international investment plan. Kiryanova expects the company to emerge from the war more robust and financially stable than before Russia invaded.
Although Novynskyi signed off on the deal over two months ago, the trustees are still finalizing a new management structure and rules for corporate governance. Kiryanova states that she and her fellow management leaders will rely on the best corporate practices at an international level. The company intends to announce the appointment of a new board of directors early in 2023.
Every Ukrainian citizen feels the effect of the ongoing war, and their loyalties tend to lie with protecting each other rather than protecting businesses. Novynskyi understands that, which is why he has personally donated ambulances, fuel, and supplies like food and clothing to the citizens of his adopted country.
After just three years in his new country, Novynskyi received the designation of People’s Deputy of Ukraine for his service to its people. He merged companies and created jobs, and the country’s leadership saw fit to grant him citizenship along with the award.