Examples of Hardlake in a sentence
Though the Agreement is nominally between Storm and Telenor, Storm is merely a holding company with no business other than holding the shares of Kyivstar for its ultimate corporate parent Altimo, which owns 50.1% of Storm through Hardlake, a Cyprus entity that is 100% owned by Altimo, and the remaining 49.9% through Alpren Limited, which is also 100% owned by Altimo.
The approval of the August 27 Resolution by Alpren and Hardlake directing Storm to carry out the dictates of the Final Award does not show reasonable diligence toward compliance, since Alpren and Hardlake declined to order Klymenko, Storm’s sole officer, to carry out its dictates.
For example, Storm’s assets are surety for a $900 million loan facility for Alpren and Hardlake.
Storm exercises no meaningful discretion in its operations, but is instead wholly owned, dominated, and controlled by Altimo, both through the shell intermediaries, Alpren and Hardlake, which are Storm’s owners, and through Klymenko, Storm’s general director, who is or has been both formally and effectively an Altimo employee.
The Relationship Between Storm, Alpren, Hardlake, and Altimo Storm and the Altimo Entities act as alter egos of one another in a number of ways.
Now Telenor moves the Court to hold Storm and its corporate parents, Altimo Holdings & Investments Limited (“Altimo”), Alpren Limited (“Alpren”), and Hardlake Limited (“Hardlake”) (Altimo, Alpren, and Hardlake collectively, the “Altimo Entities”), in civil contempt for failing to comply with the November 2 Order.
Storm, Alpren, and Hardlake exist entirely for the purpose of holding shares of Kyivstar for Altimo, with no independent operations.
In addition, based on our analysis of information and comments received since the Preliminary Results, as discussed more fully below, we have determined to use a different benchmark against which to measure the adequacy of remuneration with respect to B.C.
Alpren and Hardlake are shell companies that exist solely for the purpose of holding Altimo’s interest in Storm.
Altimo exercises complete control over Alpren, Hardlake, and Storm.