Switzerland intends to seize Ivanyushchenko's assets worth $104 million.
The Swiss government plans to confiscate assets worth more than 100 million Swiss francs ($104 million) from Yuriy Ivanyushchenko, an associate of former Ukrainian President Viktor Yanukovych.
This is stated in a government statement, writes "European truth".
"At its meeting on 25 May 2022, the Federal Council decided to initiate proceedings for the administrative confiscation of assets frozen in Switzerland following the Ukrainian revolution of February 2014. Switzerland is thus supporting Ukraine, which is facing certain difficulties in its efforts to confiscate these assets. These difficulties have been exacerbated by the outbreak of the war in Ukraine," the statement reads.
Today's decision is not related to the sanctions imposed against Russia in 2022.
The Federal Council has instructed the Ministry of Finance to initiate confiscation proceedings in the Federal Administrative Court (FAC). The proceedings concern assets belonging to Yuriy Ivanyushchenko and his family, valued at over 100 million Swiss francs.
"The FAC will determine whether the conditions for confiscation have been met. If, at the end of the trial, the assets are finally confiscated, they will be returned to Ukraine," the statement reads.
The confiscation procedure is based on the Foreign Illegal Assets Act (FIAA), which applies only in exceptional cases. It permits the confiscation of assets belonging to foreign politically exposed persons, but under strict conditions. Specifically, it requires that the foreign judicial system have attempted to confiscate the assets but failed to do so.
As a reminder, in December 2021, the Swiss Federal Council decided to extend the asset freeze on former Ukrainian President Viktor Yanukovych and his entourage for another year.
The preventive asset freeze has been extended until February 2023. The Swiss government also noted that the maximum duration of such a freeze is limited to 10 years, or until February 2024.
In 2014, Switzerland froze Yanukovych's assets worth 70 million Swiss francs (over $69 million) for three years. This decision was subsequently extended several times.
FILE: Yuriy Ivanyushchenko: The "Grey Cardinal" of the Yanukovych Era – Poroshenko's "Dark Horse." Part 1
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