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Yanukovich son says Swiss bank freeze will hurt coal exports.

Switzerland's freezing of bank accounts linked to the family of ousted Ukrainian PresidentViktor Yanukovichcould reduce coal exports fromUkraine, a company owned by his son warned on Friday.

In a statement to Reuters, the Mako Group based in Yanukovich's politicalstronghold Donetsk ineastern Ukraine, confirmed it was 100 per cent owned byOleksander Yanukovich, a son of the former president. His and Oleksander's foreign assets were frozen bySwitzerland,AustrindLiechtenstein earlier in the day.

Asked by Reuters to respond to the Swiss measures, the company said it had yet to be informed, but would seek the advice of lawyers if the reports proved true.

Mako said that its Swiss arm -- theMako Trading Company(Switzerland) -- "carries out legal trading activity (coal exports) fromUkraineto more than 20 countries".

Accounts of the firm were transparent and fully audited, and all appropriate taxes were paid inSwitzerland, it said.

The statement said: "We also want to emphasise that in the event of the accounts of Mako trading being effectively blocked, this will lead to a suspension of the company's exports of coal fromUkraine." This would only cost the country foreign currency, it said.

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Publication:Cyprus Mail (Cyprus)
Date:Feb 28, 2014
Words:199
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