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All business that links Ukraine, South Korea and Singapore

All business that links Ukraine, South Korea and Singapore

The point of Giuseppe Gagliano

Discreet South Korean businessman Hyen Chung and his Singapore-based trading company Zasshid PTE stand out sharply from the rest of the names of individuals and entities sanctioned by the National Security and Defense Council of Ukraine on 5 October. Most of the people concerned are Ukrainian or Russian and were suspected of taking part in the organization of the State Duma elections in Crimea and eastern Ukraine last month.

Hyen Chung and his company are subject to a wide range of sanctions for a period of 10 years, ranging from freezing assets and cancellation of contracts to bans on withdrawing money from Ukraine.

But what real role does this unique South Korean businessman play in Ukraine?

The sanctioned Zasshid is just one of several companies run by the businessman, who studied at Donetsk National Technical University in the early 1990s and is sometimes called Grigory Hyen. In 2009 he founded the charity Friends of Ukraine, which he runs with Galina Chestopalova. Prior to founding Zasshid, of which he is managing director, Hyen was the commercial director of Singapore-based Ewest Trading, and has a branch in Cambodia.

Hyen Chung's name appears on several company registers in Ukraine – written in the Ukrainian manner, "Hen Chen" – as the owner of two farms, E-Krim – for Crimea – with the parent company registered in Kiev and the agricultural branch in Simferopol. Hyen is also the beneficiary and manager of the catering company Naos Ukraine along with Dzhe Hyong Sang, Irina Soboleva and Anatoliy Gavrilets, and the Donetsk retailer, Chen-Hen PIDP-TS.

Hyen was also involved in the Pi En Eych group of companies, more specifically in PNH Energy and PNH Ternopil, which was managed until 2019 by Andriy Tsybulski, who was also the head of a third entity of the group, PNH Volyn. Tsybulski, a specialist lawyer, is a partner of Gaponenko Roman & Partners and co-founded the NGO International Alliance of Human Rights.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/hyen-chung-ucraina/ on Sat, 16 Oct 2021 06:15:48 +0000.