Czech billionaire Andrej Babiš plans to transfer business to a trust in order to become prime minister

PRAGUE Czech billionaire and former prime minister Andrej Babi announced on Thursday that he will transfer his main business holdings into an independent trust as a step toward resuming the role of prime minister. Babi stated that this measure is intended to prevent any potential conflicts between his private enterprises and public office.

I have chosen a path I never imagined I would take, Babi said in a video shared on Facebook. I am permanently relinquishing ownership of Agrofert. I will have no involvement, no economic ties, and no contact with the company going forward.

Babi controls around 200 companies through the Agrofert conglomerate. Under the new arrangement, an independent trustee will oversee Agrofert within a trust, while an independent protector will manage it until Babi death, after which it will pass to his heirs.

President Petr Pavel invited Babi last month to form a new government following the parliamentary victory of his ANO (YES) movement. Pavel indicated he could appoint Babi as prime minister within a week once Babi outlines measures to prevent conflicts of interest.

ANO, along with two smaller partiesthe Freedom and Direct Democracy party and the right-wing Motorists for Themselvesagreed to form a coalition with a 16-member Cabinet. ANO would hold eight positions including the prime minister, the Motorists four, and the Freedom party three. This coalition is known for its skepticism toward the EU, opposition to certain environmental and migration policies, and likely reluctance to continue supporting Ukraine in the war against Russia.

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• Czech populist billionaire Andrej Babiš to move business to a trust to become prime minister