Ukrainian Businessman Rinat Akhmetov Legally Cleared of “Oligarch” Label

The Ukrainian Minister of Justice Denys Malyuska announced that Rinat Akhmetov’s decision to leave his media business, and now his SCM business partner, Vadim Novinsky, resigning his political mandate, has meant the status of oligarch cannot be conferred on him, CWR reports.

This was announced by the Minister of Justice at the OPORA.Live online discussion.

“Novinsky’s political role as a People’s Deputy and his direct business connection to Akhmetov caused people to refer to Akhmetov as an oligarch. The resignation of Novinsky’s political mandate has removed the connection between Mr. Akhmetov and politics and therefore this label can no longer be used,” the Minister of Justice said.

SCM’s recent decision to withdraw from the media business doubles down on this.

According to Denys Malyuska, the loss of the political mandate of his immediate business partner and the renunciation of licenses for television and radio broadcasting by Media Group Ukraine remove two criteria for being included in the list of oligarchs.

“He (Rinat Akhmetov – ed.) was determined to never be included on this list. His last statement is just a sign that he has not changed his mind,” Malyuska said.