Investment and banking firm Rothschild has said it has been hired by Ukraine’s President Petro Poroshenko to help him to sell his companies starting with Roshen, the country’s largest confectionery maker.
It likely will not fetch as big a price as it would have before he was elected. That is because the Kremlin has banned all Roshen products and Russia reportedly used to account for 40 percent of the firm’s profits.
Rothschild said the asset sales will start very soon.
Poroshenko, who is said to be worth more than one billion euros, promised to sell his business empire when he won the election in May to concentrate on running the country.
However, controversially he is hanging on to his private all-news television station, Channel Five, which has been a long time supporter of the opposition movement and was one of the few to broadcast criticism of the previous pro-Russian government.