Company: KYIV
Filing Date: 2025-03-31
Form Type: DRS
Source: 0001213900-25-026261
Chunk: 87

Company: Kyivstar Group Ltd.
Filing Date: 2025-03-31
Form: DRS
Chunk 87
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, potential new sanctions and export controls imposed by the United States, European Union and the United Kingdom that could potentially impact VEON’s ability to transfer technology and intellectual property rights to Kyivstar, renting of state property and land, prohibitions on participation in public procurement impacting business to government revenue and our financial performance as a whole. After evaluating the uncertainties mentioned above and other conditions and events discussed in our Audited Combined Financial Statements included elsewhere in this proxy statement/prospectus in the aggregate, our independent registered public accounting firm, in its report on our combined financial statements as of and for the years ended December 31, 2024 and 2023, has emphasized management’s conclusion on Note 1 — General Informationto our Audited Combined Financial Statements included elsewhere in this proxy statement/prospectus that there is substantial doubt about our ability to continue as a going concern for at least 12 months after the date that the combined financial statements included elsewhere in this proxy statement/prospectus have been issued. Although we have taken a number of measures to protect our liquidity and cash provisions, given the uncertainty and exogenous nature of the ongoing war between Russia and Ukraine and potential for further sanctions and counter -sanctions, and future imposition of external administration over our Ukrainian operations in particular, there can be no assurance that we will be successful in implementing these initiatives or 21 that the contingencies outside of our control will not materialize. See Note 1 — General Informationto our Audited Combined Financial Statements included elsewhere in this proxy statement/prospectus for a more detailed discussion of the going concern emphasis paragraph. We have suffered reputational harm as a result of the ongoing war in Ukraine. The following former and current ultimate beneficial owners of LetterOne are the target of sanctions in the European Union, United States and United Kingdom: Mikhail Fridman, Petr Aven, Alexey Kuzmichev and German Khan, (collectively, the “Designated Persons”). Mr. Fridman resigned from VEON’s board of directors effective February 28, 2022. None of the other Designated Persons were members of VEON’s board of directors. We understand, based on a letter provided by LetterOne, a 45.46% shareholder in VEON, that Mr. Fridman and Mr. Aven are shareholders in LetterOne (approximately 37.86% and 12.13%, respectively) and that Mr. Khan and Mr. Kuzmichev are no longer shareholders in LetterOne. In October 2022, Ukraine