Ukraine's Presidential Administration comments on sale of Kuznya on Rybalsky Plant

"Kuznya on Rybalsky is a well-known ship and machine-building company involved in the implementation of defensive orders. Despite the fact that Petro Poroshenko did not interfere in the company's activities, the sale would be convincing evidence of the absence of a possible conflict of interest and leave no basis for speculation on this issue by political opponents," reads the report.

According to the press service, the ultimate beneficiary of the buyer is Ukrainian citizen Sergiy Tigipko.

The preparation of the agreements was accompanied by Ernst & Young, one of the largest and most respected international audit teams.

"The value of the sold shares is a commercial secret. Funds from the buyer will be transferred to legal entities of sellers in separate tranches according to the schedule agreed by the parties," the press service said.

According to the report, after Petro Poroshenko as an individual receives income from the sale of shares he is required to show it in an electronic declaration in accordance with the current legislation.

Similarly, all taxes and fees provided for by law for this type of income will be paid, the presidential press service said.

Earlier, the head of state transferred Roshen Corporation in trust to the world-renowned Rothschild Company.