Ukraine's richest man, Rinat Akhmetov, said on Monday his investment company would exit its media business to comply with legislation passed last year aimed at curbing the influence of "oligarchs".

"This week Media Group Ukraine will surrender for the benefit of the State all Ukrainian licenses of our television channels for terrestrial and satellite broadcasting, as well as print media licenses. We shall also cease operations of MGU’s online media.

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.

During the course of more than 20 years, beginning in 2000, we and the journalists together have built a media holding that is based on the principles of freedom of speech, truth and professionalism. It includes 10 terrestrial and satellite TV channels, online resources, print media and a modern media production ecosystem. We have invested more than US$1.5 billion in our media business. However, the most valuable investment is that of each of 4,000 journalists and employees of our media team. Owing to your great work, Ukraine and Ukraine 24 became the top Ukrainian TV channels ranked by share of viewing, and millions of football fans had gathered before TV screens to watch our Football channels. This is why the decision to exit media business is so hard for me.

I want to thank everyone for our joint efforts and our common success. And of course, I am especially grateful to every single one of our viewers and readers. Thank you for your love and loyalty. We have always been working only for you", - the statement reads.

Source: https://www.scm.com.ua/