Ukraine’s richest man hands over his media empire to the State

Ukraine's richest man, Rinat Akhmetov, announced that he will be handing over his entire media empire to the government under a law aimed at limiting “the influence of oligarchs” in the country. Akhmetov confirmed that Media Group Ukraine would give all licences for its television channels and also print media to the Ukrainian State.

“I made an involuntary decision that my investment company SCM will exit its media business. This week Media Group Ukraine will surrender for the benefit of the State all Ukrainian licenses of our television channels for terrestrial and satellite broadcasting, as well as print media licenses. We shall also cease operations of MGU’s online media,”  Akhmetov said in a statement published on System Capital Management (SCM) website.

“This decision is driven by entering into force of the Law of Ukraine On Preventing Threats to National Security Associated with Excessive Influence by Persons Who Wield Significant Economic and Political Weight in Public Life (Oligarchs). Being the largest private investor in the Ukrainian economy, I have repeatedly stated that I have never been and am not going to be an oligarch. A short six-month term provided for by the law for the sale of media assets, coupled with the Russian military aggression against Ukraine make it impossible for SCM to sell its media business on market terms,”  he added.

Media Group Ukraine is one of the largest media holdings in Ukraine and is made up of ten television networks, including several news channels, online resources, and print media. Ukrainian presidential aide Mikhaylo Podolyak welcomed the decision on Twitter, saying the “deoligarchisation law is the beginning of a new page in relation between State and business.”