Ukraine seeks to seize water company owned by billionaire family of British theatre mogul
Ukrainian authorities are seeking to seize control of IDS Ukraine, the country's largest bottled water producer, in which a 34% stake is held by the Patarkatsishvili family, whose members include British theatre impresario Liana Patarkatsishvili. The dispute matters because it entangles a prominent UK cultural figure's family fortune in a wartime battle over what Kyiv considers a strategic asset, while raising questions about the treatment of non-sanctioned shareholders caught up alongside sanctioned Russian investors.
The company's holdings were frozen in 2022 because a 49% stake is also held by Russian investors, including sanctioned Alfa Group founder Mikhail Fridman, a Putin ally. Ukraine's asset recovery agency, Arma, says it has faced legal and bureaucratic resistance, and its head, Yaroslava Maksymenko, cited unproven concerns about money laundering and a cyber-attack during one takeover attempt, while dismissing the family's misconduct allegations against Arma as "misinformation". The Patarkatsishvili family, who inherited the stake in 2008 from the late businessman Badri Patarkatsishvili, deny wrongdoing, insist they have supported Ukraine since the 2022 invasion, and say they will pursue international courts if the Ukrainian anti-corruption high court process results in nationalisation.
In short
- Ukraine's Arma agency wants to seize IDS Ukraine bottled water firm
- Patarkatsishvili family (34% stake) disputes claims, denies wrongdoing
- Case tied to sanctioned Russian co-owner Mikhail Fridman's 49% stake
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Ukraine can argue that control of its largest bottled water producer is a matter of wartime resilience and public interest, especially when nearly half the company is owned by Russian investors that include a sanctioned Putin ally. Kyiv may also argue that prolonged freezes and legal resistance make state control necessary to protect the asset and prevent funds from benefiting sanctioned owners. Any action should still follow a fair legal process.
The case against
The Patarkatsishvili family can argue that its 34% stake was inherited, that it is not sanctioned, and that it denies wrongdoing while supporting Ukraine. Nationalising its share alongside Russian-owned interests could punish shareholders without establishing individual culpability and undermine confidence in property rights and due process. The family’s stated willingness to challenge the outcome in international courts reflects those concerns.
Explained simply
IDS Ukraine is the country’s largest bottled water producer. Its shareholders include Russian investors, among them sanctioned businessman Mikhail Fridman, and the Patarkatsishvili family, which inherited its stake from businessman Badri Patarkatsishvili in 2008.
Ukraine froze the company’s holdings in 2022 because of the Russian ownership. The Patarkatsishvili family, which includes British theatre impresario Liana Patarkatsishvili, says it has backed Ukraine since the invasion and denies wrongdoing.
The case raises questions about how Ukraine handles assets linked to sanctioned Russian investors and shareholders who are not sanctioned. It also concerns control of a major water producer during wartime.
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