OREANDA-NEWS.   Following the Cyprus crisis, in July 2013, DTEK decided to transfer its external energy trading transactions from DTEK Trading Limited (Cyprus) to a new jurisdiction, more conventional for European trading. DTEK Trading SA was established in Geneva with DTEK Holdings B.V. as its sole shareholder. The goal of the new company is to promote energy resources abroad and raise trade financing.

DTEK Trading SA concluded contracts with more than a dozen of large European traders and consumers to export coal produced by DTEK mines. For the first time in its history the company successfully raised long-term pre-export financing with leading European banks.

At the end of February 2014, the Swiss law enforcement bodies temporarily removed for inspection the statutory and other documents of DTEK Trading SA from its Geneva office as part of the investigative actions by the Swiss authorities with regard to some ex-officials of Ukraine. We have assisted and continue assisting the law enforcement bodies. As the investigation aims at finding out whether DTEK Trading SA has had any relations with MAKO Trading SA, we have confirmed to the law enforcement bodies that we don’t have any corporate, contractual or any other relations with this particular company or others associated with it. Such inspection of documents is a routine practice for Swiss law enforcement bodies, and we think that the investigation does not pose any threat to our business.

Since 27 February, the Swiss public prosecutor’s office didn’t take any additional actions with regard to DTEK Trading S.A. The legal department of DTEK is working together with lawyers in Geneva to settle the issue with the public prosecutor of the Canton of Geneva and to return the temporarily removed documents.

Currently, DTEK is carrying out its trading transactions as usual and is performing its contractual obligations to all our partners in full.