Law on special confiscation will legalize the stolen funds of Yanukovych – Olena Sotnyk

Someone will make money on reselling “Eurobonds” of Ukraine at a discount, and the state will suffer losses twice. Adoption of a corrupt, unconstitutional bill №4057 may become a scheme to legalize the stolen funds of Yanukovych and Co. “Samopomich” faction MP, Olena Sotnyk, told Mirror Weekly about this.

The MP draws attention to the fact the law does not mention the name of Yanukovych or those of his accomplices, and it applies to anybody. In addition, the confiscation is introduced before sentencing and without proving the guilt.

Sotnyk believes that the decisions of Ukrainian courts adopted on the basis of this law will not be recognized in foreign jurisdictions and have every chance of being canceled by the European Court of Human Rights.

“A negative decision of the ECHR means that Ukraine will have to give back all the recoverables, pay additional compensations and it will be internationally charged of unlawful repressing methods. And this is not nothing but a legalization of what Yanukovych had plundered earlier,” said the deputy.

“The authors of the bill do not hide the fact that the main target are the debt securities of Ukraine, the so-called “Eurobonds” in the amount of approximately $ 1.5 billion. They say that the budget will be filled due to them. However, this is not true, since securities are not money – they can either be sold or extinguished, which can reduce the public debt of Ukraine,” added Sotnyk.

The deputy suspects that the securities can be sold at a significant discount, and then the state will have to pay the full amount of the debt securities to a new owner. And if we lose in a court of foreign jurisdiction, we will have to give back the full equivalent of the cost of the securities to those from whom they were confiscated. Thus, the state will incur losses twice – repaying securities obligations and compensating what was illegally confiscated – summed up Sotnyk.

Olena Sotnyk
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