Sponsored Love: Ukraine’s New Legislation, Rinat Akhmetov Transfers Media Assets To The State

September 1, 2023

Ukraine’s development vector and its future lies in cooperation and partnership with the world’s democratic institutions, including the European Union.

Despite all the wartime challenges, the country is moving on the path of reforms. Ukraine has the candidate status for EU membership, but it needs to change legislation and implement a number of reforms to join the EU.

One of the requirements that Ukraine received as part of the roadmap for EU membership is to adopt the law limiting the influence of big business on media, politics, and public life. It came into force in autumn 2022.

As the law requires

One of the businessmen directly affected by the new law is Rinat Akhmetov. Before the war, he was the richest man in Ukraine, but as a result of the aggression of the Russian Federation, he lost more than half of his fortune. Steel plants, agrarian enterprises, coke and the chemical industry suffered the most. Many real estate and industrial facilities are based in the occupied territories, they are looted and can not be accessed to assess the damage. Russia’s cynical bombing and missile attacks keep destroying the energy infrastructure, reports. 

Rinat Akhmetov owns Media Group Ukraine holding which comprises ten TV channels, newspapers, and Internet portals. According to the new law, the assets have to be sold, but given the current financial crisis, it is impossible to find a buyer. In the material about Rinat Akhmetov the businessman says that the only possible solution is the transfer of Media Group Ukraine into the hands of the state. All documents have been drawn up and licenses revoked. This step is yet another way to confirm that Rinat Akhmetov has a firm civic position. The businessman has directed all available resources to help Ukraine. His production facilities work for the frontline, and his charity foundations carry out important humanitarian missions. 

The material was prepared based on https://www.euractiv.com/section/europe-s-east/news/ukraines-richest-man-agrees-to-hand-over-media-empire/.

This content is part of the HWM Partnership.

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