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Ukrainian president: Roshen now administered by blind trust

The president has lost any leverage over his confectionery business.

Ukrainian president: Roshen now administered by blind trust
Photo: Max Trebukhov

President Petro Poroshenko has handed control over his Roshen confectionery corporation over to a blind trust.

"I have signed an agreement to transfer my share in Roshen to an independent trust based on the blind trust model. What does this trust mean? First, during my term as president, neither I, nor anyone else can terminate this trust. Second, under this agreement, neither my signature, nor my instruction has any legal power. Third, a respected foreign bank, which was appointed to administer the trust, will own, control and manage the assets," he said.

He added the trust can sell the corporation if it finds a good buyer.

The International Investment Bank will be administered in a similar fashion, Poroshenko said.