The Parliament adopted the draft law on deoligarchization in the first reading with 80 votes to 9.
The draft law was developed within the framework of the 12-point plan for granting Georgia the status of a candidate for joining the European Union.
The draft law regulates the definition of the concept of “oligarch;” the issues of recognition of a person as an oligarch and entry into the relevant register, exclusion from the register of oligarchs, and the production of the said register; legal consequences of recognizing a person as an oligarch; Issues of filling in relevant declarations by certain persons regarding contact with the oligarch and his representative.
As noted in the draft law, a person with significant economic and political significance in public life (oligarch) is considered to be a natural person who meets at least three of the following criteria at the same time: participates in political life; has a significant influence on mass media; is the final beneficiary of the entrepreneurial legal entity, which has a dominant position in the market and which maintains or improves this position for 1 year; The confirmed amount of his/her assets and those of entrepreneurial legal entities where she/he is a beneficiary, as of January 1 of the relevant year, exceeds 1,000,000 times the subsistence minimum established for working force persons.
As noted in the project, the Parliament of Georgia makes a decision to recognize a person with significant economic and political weight in public life (oligarch) and enter it into a special register.
