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Parliament endorses law on de-oligarchization

Source : 112 Ukraine

A person can be recognized an oligarch by the decision of National Security and Defense Council; such people will be added to the official register of oligarchs
19:44, 1 July 2021

Oligarchs
Open source

The Ukrainian Parliament has supported the draft law on de-oligarchization in this country. 275 MPs supported the respective bill.

According to the document, a person can be recognized an oligarch by the decision of National Security and Defense Council. The respective appeals can be filed by the Cabinet of Ministers, National Bank of Ukraine, Security Service or the Anti-Monopoly Committee of Ukraine. Such people will be added to the official register of oligarchs who are now also called "individuals with significant economic or political weight in political life". 

The law aims to defeat the conflict of interests caused by merging of politicians, media and big business, to provide Ukraine's national security in economic, political and information areas, protection of democracy, as well as provision of state sovereignty.

Related: Ukraine's Anti-Corruption Bureau comments on Zelensky’s deoligarchization bill

In order to be recognized as an oligarch, a person must meet three of the four following criteria: 

- participation in political life;

- considerable influence on media outlets;

- ownership of a monopoly;

- owning the confirmed value of assets that exceeds UAH 2,270,000,000 (USD 840,000).

Related: Zelensky not to dissolve Verkhovna Rada if vote for de-oligarchization bill fails

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