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also cease operations of MGU’s online media,” Akhmetov said.
“This decision is driven by entering into force of the Law of Ukraine On Preventing Threats to National Security Associated with Excessive Influence by Persons Who Wield Significant Economic and Political Weight in Public Life (Oligarchs). Being the largest private investor in the Ukrainian economy, I have repeatedly stated that I have never been and am not going to be an oligarch. A short six-month term provided for by the Law for the sale of media assets, coupled with the Russian military aggression against Ukraine make it impossible for SCM to sell its media business on market terms,” Akhmetov continued.
Ukrainian President Volodymyr Zelenskiy launched a campaign last year to limit the influence of the oligarchs with his oligarch speech in March 2021 saying the oligarch needed to
remove their influence on government and end their various rent-seeking schemes
to make money from the budget. He followed that up with an oligarch law in September 2021 that introduces a definition of oligarchs and sets up a state register of oligarchs. The National Security and
Defence Council is tasked with adding individuals into the register of oligarchs and removing them from it.
State officials are banned from private meetings with oligarchs or acting on their behalf. One of the four criteria defining an oligarch is “has a significant impact on the media.” The oligarch law entered into force on November 7 the same
year and is valid for ten years starting on May 7, 2022.
Akhmetov has transferred the ownership of the licences of his media assets to the state, but retains control of the businesses, according to initial reports. It is unclear if the government will accept this move as ending his “significant impact on the media” as it appears that he will continue to pay the bills at his various media outlets.
Akhmetov says that he has invested a total of $1.5bn in his media empire that employs 4,000 people in a number of TV stations, newspapers and other media outlets.
SCM’s Media Group Ukraine includes more than 10 TV channels and online outlets: TV channels Ukraine, Ukraine 24, NLO TV, Indigo TV, Football 1/2/3, 34 TV channel (regional), Xtra TV satellite broadcasting operator, OLL.TV platform, Baing Media Partnership agency, Segodnya site, Vogue.UA cross-platform project, Hromadske reports.
The initial reaction from the government was positive. Minister of Culture of Ukraine Oleksandr Tkachenko called Akhmetov's decision a "precedent".
"The only thing I can say at this point is serious news. Because Media Group Ukraine is one of the four largest private media groups. This cannot but affect the market. Because the market is already
12 UKRAINE Country Report XXXX 2018 www.intellinews.com