Poroshenko Transfers his Stake in Roshen to Blind Trust
The President of Ukraine, Petro Poroshenko, says that he has transferred his confectionery company, Roshen, to a blind trust.
"I have signed the contract to transfer my share in Roshen to a blind trust. This action was taken in accordance with the highest international standards and is full compliance with Ukrainian law. What does this trust do? First, during my tenure as President, neither I nor anybody else can revoke the trust. Second, under this contract neither my signature nor my instructions are legally binding. Third, a respectable foreign bank was appointed to manage this trust. This bank will own, control and manage the assets," the President said at a press conference on January 14th.
Poroshenko also noted that blind trusts are commonly utilized in American and European countries for similar situations. According to him, this is the only tool to address a conflict of interest. In addition, a blind trust has the authority to sell the corporation, if it finds a worthy buyer.
In June of last year, Poroshenko said that he was preparing to transfer the Roshen factory in Lipetsk to a trust with the Rothschild Investment Bank so that "his name would not be close." Poroshenko promised to sell his business, Roshen, after he was elected President. He won the presidential election on May 25, 2014.