18:44 14.01.2016

Poroshenko declares transfer of his stake in Roshen to independent 'blind' trust

1 min read
Poroshenko declares transfer of his stake in Roshen to independent 'blind' trust

President of Ukraine Petro Poroshenko stated he has signed a contract this year, according to which he transferred his stake in Roshen Corporation to an independent "blind" trust.

"What does this trust foresee? First of all, during my being the president, neither me nor someone else can break this trust. Secondly, under the contract, neither my signature nor my orders have legal force. A respectable foreign bank of the first category will manage the trust, it will own, control and manage the assets," he told reporters at a press conference.

The president assured journalists that the standards of "blind" trusts are used by the leading European and American politicians in similar situations and this is the only way to eliminate the conflict of interests.

Poroshenko said that the bank, which is the manager of the trust, also has power of attorney for four years to negotiate on the sale of assets.

According to him, following Roshen, the management of International Investment Bank, in which he owns 60%, will be transferred to the trust.

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