20 July 2020, Monday, 10:26 501

Spanish court has twice upheld the legality of Stepan Chernovetskyi`s spanish investment

Микола Поліщук

On 1 July 2020, the Barcelona Court of Appeal, in a final decision, upheld the closure of a preliminary investigation against Stepan Chernovetskyi, Ukrainian businessman and founder of Chernovetskyi Investment Group.

As reported earlier, in October 2019, a Spanish lower court closed the preliminary investigation conducted against Chernovetskyi since 2014.

“The Barcelona Court of Appeal rejected the prosecutor's appeal, upholding the decision of the court of first instance, and closed the case. This means that the courts have now twice confirmed that Mr. Chernovetskyi’s investments in Spain and his business activity here were entirely legal,” Martell Abogados, Stepan Chernovetskyi’s Spanish attorneys, stated.

They emphasized, the Spanish prosecutors and court had long kept a secrecy regime over the case and prevented the defense from accessing the case file. On its own motion, the defense provided the audit and legal reports confirming the legality of Chernovetskyi’s investments in Spain.

“To me, it was a matter of principle to restore justice. I have spent a lot of time and effort to this end, and the decision of the court of appeal delivers a closure for me. I am glad that we can finally focus on business and development rather than on defending ourselves against baseless allegations,” Chernovetskyi says.

Stepan Chernovetskyi is a Ukrainian businessman, investor, founder of Chernovetskyi Investment Group (CIG), started his career in Pravex Bank, which was sold to Intesa Sanpaolo in 2008.

Chernovetskyi Investment Group (CIG) is one of the largest investment companies in Eastern Europe. Founded in 2013, its investment potential is more than $100 million. The company’s portfolio includes Ukrainian IT companies Softcube and Zakaz.ua. The latter was featured in Techstars, a famous accelerator in Boston. In 2015, CIG invested $1 million in a platform for children KIDOZ (Israel) and $1 million in an international bus ticket booking service Busfor. In 2017, CIG invested in an Indian food delivery service InnerChef, as well as Kray Technologies, a manufacturer of commercial drones for agricultural companies.

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