Rinat Akhmetov to transfer his media assets to the state

In 2022, the law that limits the influence of people with excessive economic and political weight came in force in Ukraine. The draft adopted a year earlier was designed to improve national security, so the law was not delayed because of the martial law.

Rinat Akhmetov, one of the richest businessmen in Ukraine, has been also affected by the new law, although he lost more than half of his fortune because of the war unleashed by Russia. This is reported by https://www.euractiv.com/section/europe-s-east/news/ukraines-richest-man-agrees-to-hand-over-media-empire/. Today, the businessman owns companies in the mining and metallurgical sectors, energy and agriculture, and is the president of Shakhtar football team. Many of Rinat Akhmetov’s companies are doing charitable and humanitarian work, helping Ukrainian defenders fight on the battlefield.

Media transfer in favour of Ukraine

Together with its status as a candidate for EU accession, Ukraine received a roadmap of reforms to be implemented in the coming years. One of the most important aspects is changing the relationship between big business and the state, namely, reducing the influence of wealthy entrepreneurs on the public life of the country according to the set criteria.

To comply with the requirements of the new law, Rinat Akhmetov decided to divest all available media assets included in Media Group Ukraine holding company, one of the country’s largest media companies. It comprises ten TV channels, print and electronic media. The bill that came into force gives businesses very little time to adjust to the new conditions.

That is why in his statement Rinat Akhmetov https://kyivindependent.com/ukraines-top-oligarch-akhmetov-loses-half-his-assets-to-russias-invasion/ noted that he will transfer his media assets to the state. Since there is little time to make changes in the business, and the law has come into force in the difficult economic conditions of the war period, it is simply not possible to sell the holding in whole or in parts. In July 2023, Rinat Akhmetov applied to cancel the licences of all media channels owned by him and received the relevant confirmations from the regulatory authorities.