Nothing Ventured, Nothing Gained

“2007 can be described as a year of great activity by foreign and domestic private equity investment funds. Regardless of ambiguous legislative rules and uncertain political prospects, they aim to expand their investment portfolios as the potential benefits are significantly higher than the pertaining risks. Their inventiveness and risky investment approaches induce Ukrainian lawyers to search for sophisticated and often non-typical tailored solutions to meet the needs and objectives of their clients. As this investment trend is likely to increase next year, professional investment-related legal services shall be in greater demand than before,” Andrey Reun, senior associate with Spenser & Kauffmann, noted.

Partners Oleksiy Didkovskiy, Armen Khachaturyan, Oleksandr Padalka, Vadym Samoylenko, Igor Svechkar, Iryna Pokanay and Svitlana Poroschuk are named among the leading specialists for investment transactions in Shevchenko Didkovskiy & Partners. During 2007 the firm’s attorneys were involved in a large number of projects with the participation of foreign investors. These projects included establishment of joint ventures, registration of companies, mergers and acquisitions, drafting investment and commercial contracts, conducting due diligence, negotiating terms of sale and purchase of target’s equity, provision of regular corporate and tax advice to ongoing businesses.

Vladimir Sayenko and Michael Kharenko, partners at the Sayenko Kharenko law firm, are traditionally named among the top specialists for a wide spectrum of cross-border investment transactions in Ukraine. The firm represents clients, the majority of which are large foreign companies and leading international banks, before Ukrainian antimonopoly authorities, national banks, securities and stock exchange regulatory bo dies, tax and customs agencies. In 2007, the firm assisted fo reign investors, including Evraz, Metalloinvest, Japan Tobacco, Philips Electronics, CME, Commerzbank, Société Générale and others, with acquiring stakes in Ukrainian banks, steel plants, telecommunications companies, leading food and consumer goods manufacturers. It also provided legal advice for numerous real estate investment projects and land acquisitions across Ukraine.

International investment is one of the key practice areas of AGA Partners. The firm’s specialists have considerable experience and expertise in both direct and portfolio forms of investment and continually provide advice on a wide range of related issues. These include establishment of businesses in preferred jurisdictions, development and analysis of investment schemes based on different national laws and legal systems, evaluation of investment possibilities and structuring sales and acquisitions of businesses in various jurisdictions, etc. The international investment practice is co-led by Aminat Suleymanova and Ivanna Dorichenko.

Spenser & Kauffmann leading investment specialist is mana ging partner Valentin Zagariya. This year the firm has been noted for a number of investment projects related to construction and real estate. The company’s investment clientele include the New Europe Capital Fund, CJSC Bookva chain of book stores, PPF Investments, Vicus Capital Advisers, NFI Empik Media & Fashion S.A. Valentin Zagariya and Andrey Reun were recently involved in the acquisition by PPF Investments and Vicus Limited of 80% of the corporate rights in Komodor Limited. Ernst & Young is a leader in advising clients on inbound and outbound investment projects. Tetyana Mykolenko, Pavlo Moroz, Albert Sych, Yulia Logunova, Igor Chufarov, Iryna Kalyta were noted for conducting numerous pre-acquisition tax and legal due diligence at the request of big investment funds, international banks and private investors. Major Ukrainian groups continued to actively restructure their assets so as to keep up with market development. The team of experts is a preferred advisor in restructuring projects.

The team at Volkov & Partners and lawyer Oleksandr Aleksyeyenko advised Qualia Clinical Services, Inc, a large clinical research company, on the exchange of American company shares for equity ownership of a Ukrainian company engaged in research and development in pharmacology and medicine and on current consulting on the Ukrainian company’s business. Konnov & Sozanovsky’s specialists help clients choose optimal instruments of real estate investment, conduct analysis of risks related to participation in specific investment programs and represent the interests of clients in state bodies which regulate the capital market and stock exchange. The firm’s experience was evidenced in comprehensive buying advice for a foreign investor involved in the retail trade in Ukraine, conducting legal due diligence of Ukrainian companies involved in telecommunication, media, pharmaceuticals, tourism, development, industry spheres, analysis and preparation of business schemes for transnational and Eastern European companies. Sergei Konnov, Yevgeniya Derbal, Helen Popko and Borys Lobovyk are the firm’s leading experts in the investment field. Legal support for investment projects has become one of Beiten Burkhardt’s core practice areas in Ukraine. Beiten Burkhardt’s team has provided comprehensive legal advice on different investment projects in Ukraine: to a venture capital fund on the private placement of shares with respect to investment in the agricultural businesses in Ukraine (with a transaction value of USD 100 million), to a foreign institutional investor with respect to a mutual investment fund structure and acquisition structure, etc. The investment team consists of Oleg Zagnitko, Marina Tegypko, Dr. Julian Ries, Dmytro Kiselyov, Bogdan Borovyk, Oleksandr Fefelov and Felix Rackwitz. Lavrynovych & Partners provides its clients with a full range of legal services in the field of investment. Partners Maksym Lavrynovych, Iryna Marushko and Stanislav Skrypnyck are all highly regarded for their practice in the investment field. One of the priorities in the development of Gramatskiy & Partners attorneys at law is legal securing of investment activity. Knowledgeable lawyers, among which is Yuriy Zabiyaka, a leading expert in the investment field, offer services connected with counseling in all aspects of legal regulation of implementation of investment projects, including questions of investment registration and repatriation, legal examination and exercise of long-term projects involving the participation of foreign firms, mediation in negotiations regarding adjustment of investment terms, conclusion and support of investment agreements, etc.

The practice of KPMG in the field of investment law continues to grow. The firm provides a complete range of tax and legal services to support investment projects, including: advice to international and local clients on how to reduce their tax liabilities in ways that are effective, efficient and practicable; advice on different practical issues, including the application of customs regimes and tax concessions, currency regulations, licensing and certification, the acquisition, sale and registration of real estate, compliance with the requirements of antitrust legislation, securities legislation and other issues related to investments in Ukraine; professional legal analysis of agreements, contracts and other documents drawn up by businesses when making investments in Ukraine; practical assistance in preparing all types of contracts, registering companies, and obtaining licenses and certificates. Sergey Popov, a partner with KPMG in Ukraine, runs investments projects.

Andriy Kravets & Partners deals with all aspects of foreign investment activity. The firm’s attorneys acted as advisors to leading foreign investment funds like Euroventures Ukraine, the Finnish Fund for Industrial Cooperation Ltd and Ukrainian

The attorneys of Dmitrieva & Partners have sufficient experience in supporting foreign investment activity. In describing recent practice it should be noted that the firm is involved in preliminary expert examination of investment projects, carrying out corresponding examination of future investment objects, administration of legal guarantees on return and protection of investments, definition of ways and mechanisms of implementation and control of the correct use of investment. Olga Dmitrieva is regarded the best in terms of implementation of investment matters. The ANK law firm has shown significant activity in investment projects related to real estate, construction, purchase of land plots and transport. Representation of Delta Wilmar CIS within the confines of construction and operation of a facility to produce tropical oils is just one example of recent practice. Denis Stadnichenko and Nikolay Sorochinskiy are the leading investment lawyers at ANK.

The Dnepropetrovsk-based Dinastia law firm recently provided full legal support to the two largest grain elevators of Eastern Ukraine (Balovskiy and Mirovskiy). The initiator of organization of this project and getting the firm to take part in it was down to the largest state agricultural corporation, Bread of Ukraine. It should also be mentioned that in unison with the Ministry of Family Affairs, Youth and Sports, the Dinastia law firm jointly developed and carried out an investment project to reconstruct a large sports complex in Dnepropetrovsk — Bogatyr.

The majority of Arzinger & Partners’ clients are foreign investors. Therefore, the law firm has developed a systematic approach to providing legal support of all investor-related matters. Lawyers advise on better ways of raising clients’ capital, protecting their investments, establishing, conducting and expanding business in Ukraine and also liaise with regulators and resolve disputes. The firm’s also serves well recognized international businesses originating from Austria, Germany, France, UK and the US with interests in Ukraine mainly focused in real estate, construction, telecommunications, pharmaceuticals, transport, insurance and banking. Timur Bondarev, Sergey Shklyar and Wolfram Rehbock all represent a strong team for investment know-how. Integrites provides a full range of investment services both domestically and abroad, including advisory services on individual and group investment in the most lucrative projects; project management and support by providing banking, insurance and trade services from the company’s specialists. The firm deals with every aspect of institutional investing, from strategy, structure and implementation to ongoing portfolio management. It is committed to the success of its partners in business and clients representing foreign investors and Ukrainian entities that draw investment and offer their goods and services on the domestic and foreign market. Dmitry Smolyuk is a specialist with an excellent understanding of investment mechanisms.

In 2007, Arthur Nitsevych, a partner of the International Law Offices, was included in the group of international consultants on the EBRD credit of EUR 26.5 million to a Ukrainian port under guarantee provided by the Ukrainian government. The company actively supports projects of public-private partnerships in Ukrainian ports (Odessa, Illichevsk, Ismail, Nikolaev, Kherson, Berdyansk, Sevastopol ports). Arthur Nitsevych and Mykola Melnykov are recognized as professionals providing advice of the highest quality in this area.

Jaroslawa Johnson, Sergiy Onishchenko, Oleg Mazur, Oksana Firsova, Oleg Akhtyrskiy from the Kiev office of Chadbourne & Parke are engaged in investment projects and, according to the research, deliver high quality services.

Oleksiy Levenets, Adam Mycyk, Christina Maciw, Daniel Bilak, partners with the recently established Ukrainian office of CMS Cameron McKenna all are engaged in investment projects serviced by the firm. Olexander Martinenko received excellent references in the poll.

The Gvozdiy & Oberkovych law firm is also experienced in this field. Both partners, Sergiy Oberkovych and Valentyn Gvozdiy, are named as skilled specialists in this field. Legal support of large investment projects and registration of investments are a part of the practice of the Salkom law firm in the investment sphere. Alexey Kot is known for getting to the bottom of things and engaging with clients.

The Inyurpolis law firm deals with a number of investment projects in Ukraine, including legal support of the investment processes into construction, leasing by the CEC of central and utility companies. Olena Kibenko, Yaroslava Onika and Irina Selivanova are extremely professional experts with a good deal of experience.

The Kiev office of Magister & Partners is traditionally strong in supporting investment projects in different industries. As a highly reputable international law firm with a presence on the Ukrainian market, Baker & McKenzie receives references for wide experience in finance, securities, real estate and construction, M&A which are rather close to investment.

The Economics and Law Consultants Union, which is headed by Igor Godetskyi, recently carried out legal support for four investment projects in construction, IP project and investment into services as well as related matters with the Kiev underground. PricewaterhouseCoopers, The Silecky Firm affiliated with Squire, Sanders & Dempsey, Salans, Zamorska & Partners, Sophia law firm, Grischenko & Partners, Pavlenko, Statsenko & Osinchuk, Fargo, Ryzhyy Law Office were frequently mentioned too with regard to investment projects.