The board of JKX Oil & Gas investigates mysterious movements of the oligarch who bought 20% of the company

Fears: Vitaliy Khomutynnik took a stake in JKX

JKX Oil & Gas investigates mysterious move of the Ukrainian oligarchy that bought 20% of the company

  • The Ukrainian deputy Vitaliy Khomutynnik became the second largest shareholder of JKX
  • His surprise move has caught the attention of British JKX investors

Jamie Nimmo for the mail on Sunday

Fears: Vitaliy Khomutynnik took a stake in JKX

Fears: Vitaliy Khomutynnik took a stake in JKX

Oil company JKX Oil & Gas, which is listed in London, is struggling to discover why a Ukrainian deputy has quietly become its second largest shareholder in an agreement that has prompted speculation about a potential takeover by oligarchs.

Vitaliy Khomutynnik, one of the richest men in Ukraine, has taken a 20 percent stake in JKX, which has assets in Ukraine and Russia, through an investment fund called Cascade. Purchased the participation of Proxima, a Russian fund that in 2016 managed to start the entire directory of JKX.

His surprise move has caught the attention of British JKX investors because Khomutynnik has links with Ukrainian oligarchs Igor Kolomoisky and Gennadiy Bogolyubov. The pair is JKX's largest shareholder through its Eclairs investment vehicle.

In another thread of the entangled connections of Ukraine, JKX has a 10 percent stake in Ukrnaftoburinnia, a Ukrainian gas company where Kolomoisky and Khomutynnik are the main shareholders.

A major JKX investor told The Mail on Sunday that there was concern that the purchase of the JKX stake could be a precursor to an acquisition by the two main shareholders or could announce a merger between JKX and Ukrnaftoburinnia.

A spokesman for JKX said: "We have conducted an investigation to try to find out who is behind Cascade and his intentions."

Last December, the Supreme Court of London granted a £ 2 billion freezing order on assets owned by Kolomoisky and Bogolyubov, including their stake in JKX and properties in Belgravia, London, in a dispute with PrivatBank, a Ukrainian state lender Government property oligarchs.

PrivatBank claims that they took the 2 billion pounds through a series of "dishonest transactions" with companies they controlled in secret. They deny the accusations.

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