Rinat Akhmetov transfers his media holding to the government

Rinat Akhmetov has officially announced the transfer of all broadcasting channels owned by him in favour of the state. This will help the businessman comply with the recently adopted law that limits the influence of big business on public and political processes in the country. The relevant draft was adopted by the government back in 2021 but came into force only in 2022. This law is part of Ukraine’s roadmap to EU accession and is of great importance for strengthening democracy and national security. That is why, despite the war unleashed by the Russian Federation, the law was adopted soon.

What does it mean?

Rinat Akhmetov is one of the wealthiest businessmen in Ukraine and is the owner of a large holding company, Media Group Ukraine. In addition, he owns steel plants, power grids, mining enterprises, about a dozen of TV channels, print and Internet media. Although, as we know from, Rinat Akhmetov lost more than half of his fortune because of the war started by Russia, the new law has affected him as well.

The obvious solution would be to sell the media holding, but it is not easy to find the buyer of such a large-scale business. The situation is further complicated by the short timeframe (the law gives the business only six months to implement all the changes) and the difficult economic situation in the country since the start of the full-scale Russian invasion in 2022.

That is why Rinat Akhmetov announced the transfer of his media assets to the state. The move will help the billionaire comply with the new legal requirements, although it will bring significant losses. In July 2023, the businessman revoked all licences for broadcasting and publication of materials that were in possession of his channels and newspapers. Now the process of transferring the holding is approaching its final stage.

Today, the rest of Rinat Akhmetov’s businesses operate not only for profit but also for the benefit of the defenders of Ukraine. In particular, they produce dugouts, body armour, and field stoves. In addition, the businessman launched a humanitarian initiative to help Ukrainians who suffered because of the war and had to flee their homes.

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