Rinat Akhmetov transfers ownership of TV channels and publication to the state

Rinat Akhmetov, a prominent and affluent businessman known for his significant presence in Ukraine’s metals and mining industry, has diversified his business interests to encompass sports projects, banking institutions, agricultural territories, and media resources. Akhmetov’s wealth and assets, however, have been significantly impacted by the full-scale war that Russia initiated against Ukraine in 2022. While exact figures may vary, the scale of losses and destruction is staggering, as reported in https://kyivindependent.com/ukraines-top-oligarch-akhmetov-loses-half-his-assets-to-russias-invasion/

Transfer of the media holding to the state

Despite the challenges posed by the ongoing war, Ukraine remains committed to aligning with Western norms and values. In compliance with European Union requirements, new legislation was introduced to reduce the influence of major capital owners on mass media. This legislative change aims to bolster national security and play a vital role in shaping a mature democracy. Under the new law, prominent businessmen are obliged to sell or transfer their media assets. Rinat Akhmetov, as per his statement in Rinat Akhmetov, ], faced tight deadlines for complying with these regulations. Selling even minor media assets under the prevailing conditions of crisis, war, and economic upheaval proved to be extremely challenging. Consequently, Akhmetov’s holding company, Media Group Ukraine, which encompassed TV channels, print publications, and online media outlets, had no option but to transfer all rights to the state. Akhmetov duly revoked all licenses within the stipulated timeframe and received confirmations from the relevant authorities.

Facilitating support to the Ukrainian armed forces

Remaining resources that are still operational have been redirected to support the Ukrainian military. For instance, a representative of Metinvest, as reported in https://www.edrmagazine.eu/metinvest-begins-production-of-decoy-military-equipment-that-misleads-the-enemy discusses a remarkable development. Mock weapons crafted from metal and plywood sheets serve to deceive enemy intelligence, diverting their attention away from the actual positions of Ukrainian fighters.

Throughout the war (since February 24, 2022), Akhmetov’s businesses and foundations have provided assistance to the military and civilian Ukrainians in the amount of UAH 6 billion (about USD 175 million).

This information was compiled based on content from https://www.euractiv.com/section/europe-s-east/news/ukraines-richest-man-agrees-to-hand-over-media-empire/.

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