The Ukrainian Verkhovna Rada has passed a bill stripping notorious business oligarch Ihor Kolomoyskiy of control over Ukrnafta, a leading national oil and gas company
Although the Ukrainian state had a majority stake (50 percent plus one vote) in the company, old legislation stipulated a 60 percent quorum for decision-making purposes. Kolomoyskiy who had a 42 percent stake in Ukrnafta was able to block any decision of the shareholders’ board.
Mustafa Nayem, a member of the ruling Petro Poroshenko bloc, called this decision revolutionary.
"A small revolution has taken place, with the parliament passing a law on reducing the quorum at general shareholders’ meeting from 60 percent plus one vote to 50 percent plus one vote. This drastically alters relations between the state and private capital at state-owned companies and ends the scheming of minority shareholders," Nayem wrote on his Facebook account.
He noted that shareholding companies with state capital would have to comply with the law immediately after it is signed, and that private companies would have to do the same starting with January 1, 2016.
The bill was initiated by MP Oleh Lyashko, who has been fighting Kolomoyskiy for about six months. Surprisingly, Lyashko was supported by the Petro Poroshenko bloc and some members of Prime Minister Arseniy Yatsenyuk’s parliamentary party.
Complete story at - Verkhovna Rada declares war on Kolomoyskiy | Ukraina.ru
Although the Ukrainian state had a majority stake (50 percent plus one vote) in the company, old legislation stipulated a 60 percent quorum for decision-making purposes. Kolomoyskiy who had a 42 percent stake in Ukrnafta was able to block any decision of the shareholders’ board.
Mustafa Nayem, a member of the ruling Petro Poroshenko bloc, called this decision revolutionary.
"A small revolution has taken place, with the parliament passing a law on reducing the quorum at general shareholders’ meeting from 60 percent plus one vote to 50 percent plus one vote. This drastically alters relations between the state and private capital at state-owned companies and ends the scheming of minority shareholders," Nayem wrote on his Facebook account.
He noted that shareholding companies with state capital would have to comply with the law immediately after it is signed, and that private companies would have to do the same starting with January 1, 2016.
The bill was initiated by MP Oleh Lyashko, who has been fighting Kolomoyskiy for about six months. Surprisingly, Lyashko was supported by the Petro Poroshenko bloc and some members of Prime Minister Arseniy Yatsenyuk’s parliamentary party.
Complete story at - Verkhovna Rada declares war on Kolomoyskiy | Ukraina.ru
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