National Securities Commission refuses to extend term of Poroshenko's investment fund for 20 years
The National Securities and Stock Market Commission refused to extend the term of PJSC Closed Non-Diversified Investment Fund Prime Assets Capital, which concentrates the assets of the fifth President of Ukraine, MP Petro Poroshenko, for 20 years, due to the application of NSDC sanctions against him.
"Poroshenko Petro Oleksiyovych exercised his right to the securities of PJSC Prime Assets Capital, which is a disposal of assets and, accordingly, violated the restrictions established by the NSDC decision," the Commission resolution of June 27, published on its website, states.
According to the document, on April 29, 2025, Poroshenko decided to extend the term of the fund, which ends this year, for 20 years. The MP's signature on the new version of the charter was notarized on May 2 in Warsaw.
According to the asset management company Fusion Capital Partners, the decision to extend the fund's term is not a disposal of assets, and therefore does not violate the relevant prohibition of the National Security and Defense Council, but the regulator took the opposite position.
"Poroshenko's signature on the new version of the Fund’s charter…, notarized on May 2, 2025 in Warsaw, confirms that he independently disposed of his right to securities," the Commission believes.
In addition, the resolution states that the MP was to transfer the corporate rights belonging to him to another person for management within 60 days, but the Commission did not receive any relevant information.
According to the fund's latest annual report for 2020, it was the owner or co-owner of Krayina insurer - 49.99%, Television and Radio Company Express-Inform LLC - 90%, Television and Radio Company NBM LLC - 100%, Sports and Health Complex Monitor LLC - 55%, Television and Radio Company TRT-TV LLC - 90%, PJSC Sevastopol Marine Plant - 89.32%, International Investment Bank - 50.08%, PrJSC Kyiv Experimental Design Plant - 48.28%, Prime Asset Partners Limited - 100%, Feruvita S.L. - 100%, Ri-System Limited - 60.97% and Firm Ekran LLC - 5.88%.