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Poroshenko Seals Prohibition For Offshore, Aggressor Country Resident Companies To Own TV And Radio Companies

Details of the company ownership structure must be posted on its official website.

President Petro Poroshenko has signed into law the bill binding television and radio broadcasting companies to publish information about their ultimate owners on their websites and prohibiting offshore or aggressor country resident companies, as well as companies where aggressor country resident companies are present in the corporate ownership chain, from founding or holding stakes in ownership of TV and radio companies, reads a statement made by the presidential press service.

"President Petro Poroshenko has signed into law the bill "On amending certain laws of Ukraine to ensure transparency of mass media ownership and also implementation of principles of state policy in the sphere of television and radio broadcasting"," it said.

The law defines the notion of transparency of TV and radio broadcasting company's ownership structure.

For that it is necessary that the information submitted to the National Council for Television and Radio Broadcasting allows establishing all persons who in-/directly own the company or have significant influence on the company management; and also to determine ultimate beneficiary of the company.

Details of the company ownership structure must be posted on its official website.

Moreover, TV and radio companies must submit information about ownership structure to the National TV Council every year.

In the event of missing report deadline or submitting false data the National TV Council has the right to fine TV and radio companies at the rate of 25% of the licensing fees.

Moreover, TV and radio companies must submit information about their ownership structure together with the application for obtaining, prolonging or re-issuance of broadcasting licences.

If submit this information wrong, the National TV Council may reject TV and radio company's application.

As Ukrainian News earlier reported, on September 3 the Verkhovna Rada gave 237 votes for bill No.1831 binding TV and radio broadcasting companies to publish information about their ultimate owners on their websites, having added to it an orally proposed amendment to prohibit offshore and aggressor country resident companies from owning TV and radio companies.

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Источник : Українські новини


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