Zelensky proposes banning oligarchs from participating in large-scale privatization

Zelensky proposes banning oligarchs from participating in large-scale privatization

03.06.2021 13:20

Ukrainian President Volodymyr Zelensky has proposed that the Verkhovna Rada ban oligarchs from participating in large-scale privatization.

According to Ukrinform, this is stated in bill No. 5599 “On the prevention of threats to national security associated with the excessive influence of persons who have significant economic or political weight in public life (oligarchs),” the text of which has been posted on the website of the Ukrainian parliament.

According to the document, persons who have been included in the register of persons who have significant economic or political weight in public life (oligarchs) will not have the right to be a buyer (a buyer’s beneficiary) in the process of privatization of large privatization objects.

Oligarchs will also be barred from making contributions (directly or indirectly through others) in support of political parties. Persons included in the register of oligarchs will be required to submit an asset declaration of a person authorized to perform the functions of the state or local self-government in accordance with the procedure established by the Law of Ukraine “On Preventing Corruption.”

President Volodymyr Zelensky submitted a bill on deoligarchization for consideration by the Verkhovna Rada on June 2. The document provides for the establishment of criteria for a person to be classified as an oligarch and the creation of a register of oligarchs.

The law on oligarchs comes into force on the day following the day of its publication and is enacted six months after its entry into force and ceases to be in force ten years after its entry into force.

(C)UKRINFORM 2021

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