NewsWorldUkraine, Loffreda (Legal4Transport): "Confiscation of oligarchy yachts? Opens for...

Ukraine, Loffreda (Legal4Transport): “Confiscation of oligarchy yachts? Opens for demolition option”

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The recent announcement by the European Commissioner for Justice, Didier Reynders, on the possible use, instead of freezing, of the legal instrument of confiscation of Russian assets to be merged into a fund to compensate Ukraine “would have the effect of transferring the property of the asset to the fund, which could then freely dispose of it, renting it or selling it “. The lawyer Giuseppe Loffreda talks about it with Adnkronos, who as an expert in navigation law, looking at the frozen yachts of the oligarchs and the consequent expenditure of public money for their conservation and maintenance, warns: “They are assets that if not used every day they lose value and even if confiscated they have the problem of renting and buying because it is difficult to find someone willing to buy these megayachts. Therefore, to financially feed the fund for Ukraine, in the case of yachts the solution could be to sell them for them to demolition and recycling “. Loffreda then explains that “while the current formula for the freezing of Russian and Belarusian assets provides that they are guarded and preserved with a view to their return, or sold with subsequent freezing of the proceeds of the sale, confiscation attributes ownership of that asset to the fund which then it can dispose of it as it sees fit “, selling it, also for demolition and recycling, or renting it,” without the proceeds frozen and waiting to be returned to the owner “. “The latter – concludes the jurist, founding partner of the Legal4Transport firm – cannot claim anything on the proceeds of the sale, nor claim any underestimation of the asset, which will be the property of the fund, intended for compensation for war damage to Ukraine “. (by Roberta Lanzara)

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