Feedback

By decision of Defense Council and three criteria: How oligarchs will be determined in Ukraine

Source : 112 Ukraine

The decision to recognize a person as an oligarch will be made by the National Security and Defense Council based on a proposal of the Cabinet of Ministers, a member of the Defense Council, National Bank, Security service or the Antimonopoly Committee
12:54, 3 June 2021

Oligarchs
Open source

Oligarchs in Ukraine will be determined only by the National Security and Defense Council of Ukraine. The corresponding paragraph was proposed by the President of Ukraine Volodymyr Zelensky in his bill #5599 on deoligarchization.

According to the document, the decision to recognize a person as an oligarch will be made by the National Security and Defense Council based on a proposal of the Cabinet of Ministers, a member of the Defense Council, National Bank (NBU), Security Service (SBU) or the Antimonopoly Committee.

It is noted that " this law is aimed at overcoming the conflict of interest caused by the merger of politicians, media and big business, ensuring Ukraine's national security in economic, political and information spheres, protecting democracy, ensuring state sovereignty and avoiding manipulation of citizens with intentionally distorted information in order to gain access to resources owned by the Ukrainian people."

To be recognized as an oligarch, a person should meet three out of four criteria:

  • participate in the political life;
  • have a significant influence on mass media;
  • be an ultimate beneficial owner of the monopoly;
  • have confirmed the price of assets that exceeds a million of the minimum wage (2 billion 270 million hryvnias or $83.29 million).

The influence on mass media means being a beneficial owner and/or controller of mass media. Or if a person sells such media to a person who does not have “an impeccable business reputation” after the adoption of the law and it's coming into force.

And "participation in political life" means being in the office of the president of Ukraine, Chairman of the Verkhovna Rada, First Deputy and Deputy Chairman of the Verkhovna Rada, parliamentarian, Prime Minister, First Vice-Prime Minister, Vice-Prime Minister, Minister, his/her First Deputy and Deputy, etc.; having position in the leading bodies of a political party; or financing a political party, political agitation or holding rallies or demonstrations with political demands.

After this, the official website of the National Security and Defense Council of Ukraine provides open 24/7 access to the register with the possibility of view, copy, and printing of the information, as well as in the form of the set of data (electronic document) organized in the form that allows automatic procession by electronic means for repeated use.

People who are put in the register of oligarchs are forbidden:

  • to pay contributions (directly or indirectly through other people) to support political parties in accordance with the Law of Ukraine On political parties in Ukraine;
  • to be a purchaser (beneficiary of a purchaser) in the process of privatization of objects of big privatization.

The decision on the exclusion from the register is made in case of the establishment of the fact of absence of at least two criteria provided by the law. The person must submit to the National Security and Defense Council an application and documents confirming the absence of such criteria.

The sign of the significant influence on mass media is not considered absent in case if the status of the beneficial owner (controller) of a proper mass media was handed from a person included in the register to the person tied with him/her or a person who does not have “an impeccable business reputation”.

This law, if adopted, shall enter into force on the day following the day of its publication and shall be implemented six months after its entry into force. However, it shall become void 10 years after its entry into force.

Topics:
Система Orphus

If you find an error, highlight the desired text and press Ctrl + Enter, to tell about it

Comments
see more