Agricultural company Don Agro International, citing its lawyers, has maintained that its business activities are not subjected to the slew of sanctions imposed by the United Nations and various other countries and international bodies.
Russia-based, Singapore-listed Don Agro has seen its share price drop by around a fifth since hostilities broke out between Russia and Ukraine.
Countries that have put in place various prohibited transactions include the European Union, UK, US Australia and Singapore, in response to the invasion of Ukraine by Russia.
According to Don Agro on March 13, its external “sanctions counsel” has screened the information on its substantial shareholders, directors, and executive officers using the Accuity screening tool.
The information is matched against the lists of sanctioned persons maintained by the relevant jurisdictions.
The screening did not identify any of the company or its subsidiaries or its associated companies or its substantial shareholders, directors, or executive officers as being listed on the relevant sanctions lists, the company states.
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Don Agro adds that to its best understanding, there’s no indication that any of the substantial shareholders, directors and executive officers are acting on the direction of the Russian government or the country’s central bank.
In an earlier statement on March 1, Don Agro maintains the fighting has caused minimal disruptions to its operations, as its crops and milk are sold directly to traders who purchase and collect commodities from its facilities in Russia.
“All raw materials necessary for the production are available as usual, with the majority of raw material necessary for the spring agricultural works already purchased and delivered to the group’s warehouses,” reads the statement.
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Don Agro listed on the SGX back in early 2020.
SGX RegCo on March 7 suspended trading of Gazprom’s GDR quoted on the Singapore Exchange, following Singapore’s sanctions on some Russian entities owned or controlled by its government. Gas producer Gazprom is more than 50% controlled by the Russian government.
