Yanukovich son says Swiss bank freeze will hurt coal exports

Switzerland’s freezing of bank accounts linked to the family of ousted Ukrainian President Viktor Yanukovich could reduce coal exports from Ukraine, a company owned by his son warned on Friday.

In a statement to Reuters, the Mako Group based in Yanukovich’s political stronghold Donetsk in eastern Ukraine, confirmed it was 100 per cent owned by Oleksander Yanukovich, a son of the former president. His and Oleksander’s foreign assets were frozen by Switzerland, Austria and Liechtenstein 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 – the Mako Trading Company (Switzerland) – “carries out legal trading activity (coal exports) from Ukraine to more than 20 countries”.

Accounts of the firm were transparent and fully audited, and all appropriate taxes were paid in Switzerland, 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 from Ukraine.” This would only cost the country foreign currency, it said.

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