There is an important limitation, – Malyuska said why some do not want to fall under deoligarchization


There is an important limitation, – Malyuska said why some do not want to fall under deoligarchization

Denis Malyuska/Ministry of Justice

< strong _ngcontent-sc88="">The wording of the deoligarchization law doesn't look too harsh. However, it creates an incentive for those who could potentially become oligarchs to voluntarily lose this status and carefully weigh the pros and cons.

Minister of Justice of Ukraine Denis Malyuska told about this on Channel 24. He noted that initially this law did not look like a too terrible punishment for the oligarchs.

“However, a thorough analysis of the lawyers and financiers of each holding owned by one or another potential oligarch candidate clearly indicated that it was necessary to take the maximum possible measures to get out of the law and not get into the register,” Malyuska said.

He noted that this explains the attack on the law itself during and after its adoption. All this because the oligarchs could not afford to receive such a status.

It will be much harder for them (oligarchs – channel 24) to abuse their powers. In particular, to meet with officials, judges or any other influential person specified in the list of the law,” said Denys Malyuska.

According to him, in the event of such a meeting, the official will be required to declare the place of the meeting, the time and the subject of the conversation , which creates much more transparency.

“There is an important consequence that is not spelled out in the law, but will come almost automatically. Namely: a person who becomes an oligarch officially recognized by the state will fall under a huge number of restrictions on doing business abroad,” the Minister of Justice noted.

< h3>State-recognized oligarch

Denis Malyuska explained that any large international business checks its counterparties for the purity of their reputation, as far as it is possible to do business with them. This is necessary in order not to receive a reputational and sanctions blow later, or not to become an object of close supervision by financial monitoring. Therefore, it is better for large companies to refuse such cooperation if there is the slightest risk.

Any compliance expert will tell you that a large business will refuse to work with a business whose owner is officially recognized an oligarch in some country,” said the Minister of Justice.

“That is, a large holding on the world stage is unlikely to be able to work normally. This is a difficult limitation, given that our large businessmen have long gone beyond the borders of Ukraine in their activities. For them, this is critically important and critically difficult,” he said.

Consequences in court cases

According to the Minister of Justice, as arbitration practice shows, if one of the oligarchs starts suing someone, his claims are considered much more carefully and meticulously than if it a person whose reputation is transparent and understandable. And also the origin of capital is transparent and understandable.

This is another signal for everyone who receives their capital in Ukraine in a non-transparent way. Civilized countries do not accept such business and never will. Now it’s not the 20th century, now it’s the 21st century and the attitude towards capital in terms of its transparency is completely different,” Maliuska emphasized.

“Therefore, it is critically important for candidates for oligarchs not to get into the register in order to continue to operate as a businessman And so that all over the world they would treat him that way, and not as an oligarch with a criminal, semi-criminal or corrupt origin of assets,” Denis summed up. Malyshskaya.

Recall that the oligarch Rinat Akhmetov announced his withdrawal from the media business. All media outlets of “Media Group of Ukraine” will renounce all their licenses in the interests of the state. We are talking about TV channels, websites and print publications of the media holding owned by the oligarch.

Rinat Akhmetov explained his decision by creating a register of oligarchs in Ukraine. True, the businessman denies that he is an oligarch.

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