The Parliament of Georgia approved in the second reading the bill "On de-oligarchization"
Parliament voted in favor of the bill "On de-oligarchization" in its second reading. The bill was supported by 76 deputies, opposed by six.
The draft law defines the following issues — the concept of "oligarch"; the procedure for recognizing a person as an oligarch and entering into the relevant register of oligarchs, exclusion from the register and the procedure for the production of the specified register; the legal consequences of recognizing a person as an oligarch; filling in the relevant declarations by certain persons about contacts with the oligarch and his representatives.
According to the draft, a person with significant economic and political weight in public life (an oligarch) is considered to be an individual who simultaneously meets at least three of the following criteria: a) participates in political life; b) has a significant influence on the mass media; c) is the ultimate beneficiary of an entrepreneurial legal entity that occupies a dominant position in the market and improves this position within one year; d) the confirmed amount of his property and the property of legal entities of which he is the beneficiary, as of January 1 of the corresponding year, exceeds 1,000,000 times the subsistence minimum established for able-bodied persons.
The decision to recognize a person as a person with significant economic and political weight in public life (an oligarch) is made by the Government of Georgia, after which the oligarchs will be included in a special register. The rules concerning the register, including the rules for its creation and maintenance, will be approved by Parliament. The compilation and maintenance of the register is provided by the Parliamentary Apparatus.
A person included in the specified register is prohibited from: a) making donations from his own funds, performing works, providing goods, services or cash in support of political parties, through persons associated with him and (or) through such legal entities in which he is the ultimate beneficiary; also in accordance with the "Electoral by the Code of Georgia" Making donations to the Electoral fund of Candidates (other than their own electoral fund) and financing political parties during the electoral process; b) to be a buyer (beneficiary) in the privatization of large facilities; c) financing of any political campaign, holding meetings or demonstrations with political demands.
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The Parliament of Georgia approved in the second reading the bill "On de-oligarchization"
Parliament voted in favor of the bill "On de-oligarchization" in its second reading. The bill was supported by 76 deputies, opposed by six.
The draft law defines the following issues — the concept of "oligarch"; the procedure for recognizing a person as an oligarch and entering into the relevant register of oligarchs, exclusion from the register and the procedure for the production of the specified register; the legal consequences of recognizing a person as an oligarch; filling in the relevant declarations by certain persons about contacts with the oligarch and his representatives.
According to the draft, a person with significant economic and political weight in public life (an oligarch) is considered to be an individual who simultaneously meets at least three of the following criteria: a) participates in political life; b) has a significant influence on the mass media; c) is the ultimate beneficiary of an entrepreneurial legal entity that occupies a dominant position in the market and improves this position within one year; d) the confirmed amount of his property and the property of legal entities of which he is the beneficiary, as of January 1 of the corresponding year, exceeds 1,000,000 times the subsistence minimum established for able-bodied persons.
The decision to recognize a person as a person with significant economic and political weight in public life (an oligarch) is made by the Government of Georgia, after which the oligarchs will be included in a special register. The rules concerning the register, including the rules for its creation and maintenance, will be approved by Parliament. The compilation and maintenance of the register is provided by the Parliamentary Apparatus.
A person included in the specified register is prohibited from: a) making donations from his own funds, performing works, providing goods, services or cash in support of political parties, through persons associated with him and (or) through such legal entities in which he is the ultimate beneficiary; also in accordance with the "Electoral by the Code of Georgia" Making donations to the Electoral fund of Candidates (other than their own electoral fund) and financing political parties during the electoral process; b) to be a buyer (beneficiary) in the privatization of large facilities; c) financing of any political campaign, holding meetings or demonstrations with political demands.
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