Stepan Chernovetsky, leading Ukrainian businessman and founder of top Eastern Europe venture capital firm Chernovetsky Investment Group, was arrested in July 2016 as part of a national Spanish police investigation into alleged money laundering offences and tax evasion. Almost one year on from his arrest and release, he is still unaware of the allegations against him.
In July 2016, Mr Chertnovetskyi - then living in Barcelona with his family - was taken from his home and incarcerated for one month. His legal team successfully appealed his imprisonment. Three judges of the Appeal Court unanimously ordered for Mr. Chernovetskyi's release without any conditions to his freedom. They were satisfied that there was a lack of prima facie evidence of the alleged offences of money laundering or tax evasion.
Despite this, Mr Chernovetskyi is still unaware of the detail of the allegations against him. The Spanish investigation remains under the secret summary procedure, meaning that those under investigation are not given information on the background of the potential charges against them. The procedure has previously been criticized in a report by Fair Trials International because of its potential to infringe a person's right to liberty.
Mr Chernovetskyi has several times called out for the secret summary procedure to be lifted so that he can properly defend his position and continue to run his business.
His venture capital firm Chernovetskyi Investment Group (CIG) is one of the largest investment companies in Ukraine investing in technology and innovation businesses. It is also currently looking to support Ukraine's traditional strength in agriculture and food production and considering funding requests from agri-businesses. In 2014-15 Ukraine was the third largest grain exporter in the world after the US and the European Union. Chernovetskyi Investment Group sees potential for further growth with the right investment in agricultural technologies and modernization.
Mr. Chernovetskyi says, "All I seek is the opportunity to defend myself and my business interests against these groundless allegations against me - one of my most basic human rights. The secret summary procedure is not only obstructing my ability to achieve justice but also my ability to run my venture capital business. I am determined to clear my name and am confident I will do so, as the most recent appeal judgment in my favour indicates."
Mr. Chernovetskyi has always been fully open and cooperative with the investigation and has instructed independent reputable consultants to undertake a forensic investigation into his financial affairs. He is confident that this will prove that he has been a victim of police error.
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