On 1 June 2021, the Act on the registration of beneficial owners comes into effect, which changes the definition of a beneficial owner, previously regulated in the so-called Law against the Legalization of Proceeds from Crime.
A beneficial owner is now defined as any natural person who is the ultimate beneficiary or person with ultimate influence.
In this context, AGROFERT, a.s. informs that:
- As a person with ultimate influence at AGROFERT, a.s. will still be registered Ing. Zbynek Prusa, trustee of AB Private Trust I, trust fund.
- As an ultimate beneficiary will newly be Ing. Andrej Babis, as the intended AB Private Trust I, trust fund and AB Private Trust II, trust fund, for subsidiaries, grandchildren and other companies belonging to the AGROFERT Group, members of the Board of Directors of AGROFERT, a.s. and Ing. Andrej Babiš, as the intended AB Private Trust I, trust fund and AB Private Trust II, trust fund.
|
Company |
The real owner |
Legal basis for beneficial owner status |
|
AGROFERT, a.s. |
Ing. Andrej Babis |
The ultimate beneficiary pursuant to Section 2(c) in conjunction with Section 3(2) of the Act, as a ward of AB Private Trust I, a trust fund, and AB Private Trust II, a trust fund |
|
Ing. Zbynek Prusa |
a person with ultimate influence pursuant to Section 2(d) in conjunction with Section 4(1) of the Act, as trustee of AB private trust I, a trust fund |
|
|
AGROFERT Group companies (subsidiaries, subsidiaries and others) |
Ing. Andrej Babis |
an ultimate beneficiary pursuant to Section 2(c) in conjunction with Section 3(2) of the Act, as a beneficiary of AB private trust I, trust fund, and AB private trust II, trust fund |
|
Members of the Board of Directors of AGROFERT, a.s. |
persons with ultimate influence pursuant to Section 2(d) in conjunction with Section 5(3) of the Act, as members of the board of directors of a controlled person in a full-fledged concern which allows the board of directors of the controlled person to exercise decisive influence over the controlled persons |
The extension of the circle of beneficial owners is not based on a change in the factual situation, but on the requirements of a legislative change.
The aim of the new legislation is to implement the relevant European Directive, which is primarily aimed at combating the laundering of proceeds of crime, not at addressing the issue of conflicts of interest.
The new situation does not change the fact, which we have long emphasised, that Ing. Andrej Babiš does not manage, control or influence AGROFERT, a.s. There is no conflict of interest. The alleged conflict of interest is clearly excluded. Ing. Andrej Babiš has done everything required by the Conflict of Interest Act, i.e. he has placed shares of his companies in trust funds.
Interpretation for the media:
The factual situation has not changed. In the past, we have made no secret of the fact that Andrej Babiš is a beneficiary. However, the law did not require him to be registered. According to the new legislation, it is important to distinguish the fact that Andrej Babiš is a beneficiary, but he does not control and manage AGROFERT and its companies. Now the six-month transitional period for registration in the register of beneficial owners begins. We are being as transparent as possible in this matter and will take steps towards registration immediately after 1 June 2021.