KYIV, Ukraine, Dec. 27, 2019 /PRNewswire/ -- A criminal case (preliminary investigation) against Ukrainian businessman and founder of Chernovetskyi Investment Group (CIG) Stepan Chernovetskyi was closed by a judge in Barcelona on October 30th. After examining the evidence submitted by the defense, the court ruled that all investments of Stepan Chernovetskyi in Spain were legal. The proceeding against the founder has ended, due to the lack of evidence of criminal wrongdoing.
The CIG boss looks forward to the next chapter for the company: "For a long time, I was fighting to defend myself and my business against these allegations. Some appeal procedures are ongoing but a very important milestone has been reached and I am sure that we will turn this unpleasant page over very soon. I was committed to clearing my name and I did it, even though it took a long time," says Stepan Chernovetskyi.
In 2016 Stepan Chernovetskyi was detained in Spain during a preliminary investigation into money laundering and tax evasion. Shortly after an appeal against the detention, Mr. Chernovetskyi was released without bail or other restrictions citing the lack of evidence of the alleged crimes.
"From our side, we always cooperated with the investigation and were ready to provide all the necessary information. In particular, Mr. Chernovetskyi, on his own initiative, instructed independent experts to audit his investments in Spain and confirm the legal origin of these funds," stated Martell Abogados, Mr. Chernovetskyi's Spanish attorneys.
During the preliminary procedure, the defense provided the court with economic and audit reports, bank statements and other documents confirming that the funds invested in Spain were of legal origin and had been received from the sale of Pravex-Bank. This evidenced that "the corporate and financial structure of Stepan Chernovetskyi's companies met the criteria of legal and tax rationality," "no transactions can be classified as suspicious," and "there is no evidence of money laundering."
CIG is an investment company and one of the largest operating in venture capital in Eastern Europe. Working with a project in any life cycle - whether startup or long-standing business - we look for a potential for growth and scaling up.
With seven years of successful experience in investing, CIG has a network of leading investors in the USA, India, Europe and Southeast Asia and actively participates in the development and promotion of projects in new markets and the raising of funds.
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