State Property Fund becomes owner of 49% of company that manages Shell gas stations in Ukraine

The State Property Fund of Ukraine has officially become the owner of 49% of the statutory capital of LLC Alliance Holding, which manages the Shell network of gas stations in Ukraine, according to the data from the analytical system Contr Agent.

This share previously belonged to Russian citizen Eduard Khudainatov, who was sanctioned following the start of the full-scale war.

According to a decision by the High Anti-Corruption Court, his Ukrainian assets, including the share in Alliance Holding, were seized and transferred to the state.

To implement this decision, the previous owners of LLC Alliance Holding – Cicerone Holding B.V. and Bogstone Holding B.V. – were removed from the list of founders of the company, and a new ownership structure was established:

• Shell Overseas Investments B.V. – 51%
• State Property Fund of Ukraine – 49%

Previously, Shell had reported that after the start of the full-scale war, Khudainatov's share in LLC Alliance Holding had been reduced to 2.56%, while Shell's indirect share had increased to 97.44%.

"According to the legislation of the Netherlands and based on the decisions of the Dutch court, the number of shares owned by Shell increased due to the goodwill investments by Shell in the Ukrainian business, which did not occur from the other holding partner," the company stated.

However, Shell was unable to prove this in the Ukrainian court.

The State Property Fund plans to put the nationalized 49% of the Shell gas station network in Ukraine up for privatization.