Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 476

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 476
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 any new developments in applicable sanctions to ensure that we continue to be in compliance and to evaluate any potential impact on the Company’s financial performance, operations, and governance. Management has actively engaged with sanctions authorities where appropriate. Management is engaging with authorities in Ukraine to address any concerns they have about the ownership and management of Kyivstar and to provide all necessary assurances to confirm that Russian nationals, including any beneficial owners of LetterOne, do not participate in the management of Kyivstar nor are they able to derive any benefits from VEON’s assets in Ukraine. •On October30, 2023, we announced that an appeal was filed with the relevant Kyiv courts, challenging the freezing of the corporate rights in Kyivstar. Noting that corporate rights in Kyivstar belong exclusively to VEON, and that their full or partial freezing or seizure directly violates the rights of VEON and its international debt and equity investors, VEON requested the lifting of the freezing of its corporate rights in Kyivstar. In its filings, the Company also reiterated that any action aimed at the rights, benefits or funds of sanctioned individuals — the alleged reason for freezing of corporate rights as per the SSU statement — cannot legitimately be directed toward VEON or its subsidiaries. Sanctioned individuals do not own any shares in VEON or its subsidiaries; they cannot exercise any rights regarding VEON or any of its subsidiaries; are not a part of any VEON group company governance mechanisms, including boards; do not have the ability to control or influence decisions made by VEON or any of its subsidiaries; and do not derive any economic benefits from VEON or any of its operating companies. In December 2023, the court of appeals rejected VEON’s appeals. On June4, 2024, the CEO of VEON, in his capacity as a shareholder of VEON, filed a motion with Shevchenkivskiy District Court of Kyiv requesting cancellation of the freeze of corporate rights in the VEON’s subsidiary Ukraine Tower Company, a sister company to VEON Holdings. On June26, 2024, the motion was supplemented to request cancellation of the freezing of corporate rights in Kyivstar, Kyivstar.Tech and Helsi Ukraine. •On November29, 2024, the Shevchenkivskyi District Court of Kyiv ruled in favor of a request to unfreeze 47.85% of VEON’s corporate rights in Kyivstar and 100% of VEON’s corporate rights in Kyiv