System Capital Management (SCM), owned by businessman Rinat Akhmetov, has decided to abandon the media business.
SCM has said this in a statement, Ukrainian News Agency reports.
"I have made a forced decision to withdraw my investment company SCM from the media business. This week, Media Group Ukraine will give up in favor of the state all broadcast and satellite TV licenses of our channels and licenses of our print media in Ukraine. We will also stop our online activities - MGU. This decision was dictated by the entry into force of the law "On the prevention of threats to national security associated with excessive influence of persons with significant economic and political weight in public life (oligarchs)".As the largest private investor in the economy of Ukraine, I have repeatedly said that I was not, am not and will not be an oligarch," Akhmetov said.
According to him, the short six-month period specified by law for the sale of media assets, and the Russian military aggression against Ukraine, do not allow SCM to sell the media business on market terms.
"For more than 20 years, since 2000, together with journalists, we have created a media holding based on the principles of freedom of speech, truth and professionalism, consisting of 10 broadcast and satellite TV channels, Internet resources, print media and a modern production media ecosystem. The total investment in this media holding exceeded USD 1.5 billion. But the largest investment is the contribution of each of the 4,000 journalists and employees of our media team. Thanks to your work, the channels Ukraine and Ukraine 24 became leaders in Ukraine by viewership, and the channels of the Football group gathered millions of fans in front of the screens. Therefore, it is difficult for me to make a decision to leave the media business," Akhmetov said.
As Ukrainian News Agency earlier reported, President Volodymyr Zelenskyy enacted the decision of the National Security and Defense Council (NSDC) dated June 29 on approving the regulation on the register of persons with significant economic and political influence in public life (oligarchs), the procedure for its formation and maintenance.
The law on oligarchs came into force on May 7, 2022.
System Capital Management was founded in 2000 and operates in mining, energy, banking, telecommunications, mass media, transport, agriculture, insurance and other areas.
100% of SCM shares are owned by businessman Rinat Akhmetov.
Who we are: About us, Contacts. How we write news and our principles: Editorial code. We did our best. If you found this valuable – please support us.
To request a correction, please send an email.