You're reading: Yarema: Ukraine introducing electronic trading in confiscated property

Ukraine is introducing a system of electronic trading in confiscated property, First Vice Premier of Ukraine Vitaliy Yarema has said at a briefing in Kyiv.

 “The new government is now taking the first steps to overcome this
phenomenon,” he said, noting that the first steps in this direction are
the liquidation of corruption schemes at the Justice Ministry, in
particular, the state executive service.

According to Yarema, property worth a total of about Hr 16 billion has been arrested in Ukraine under court rulings.

The official said that previously there existed schemes, due to which
confiscated property was sold through commercial structures.

“Now we propose the sale of confiscated property through electronic
exchange trading. We hope that those commercial structures, which were
close to the leadership of the government, people who are related to the
parliament, will be destroyed today,” he said.

According to Yarema, previously firms earned hundreds of millions hryvnias through selling confiscated property.

“The sale of this property will be carried out transparently, and the
maximum amount of money will flow into the national budget and will be
reimbursed to participants in trials,” he said.

Justice Minister Pavlo Petrenko, in turn, explained that the issue of
selling confiscated property was monopolized by a group of companies
“and then by one company, close to the former justice minister.”

These companies, according to the justice minister, received about UAH 200-300 million of rake-off per year.