Czech finance minister to transfer his businesses to trust fund, complain to EU

Czech Finance Minister Andrej Babis said on Sunday he would transfer his assets a trust fund to comply with new conflict-of- interest legislation, but would also challenge the rules with the European Commission.
Babis, the billionaire owner of more than 250 companies, entered parliament and government with his ANO movement in 2013 and is favoured to become prime minister after this October's election. Many Czechs trust his pledges to weed out graft in the political establishment.
As number two on Forbes list of richest Czechs, worth $2.7 billion, Babis has been likened by media to new US President Donald Trump or the former Italian Prime Minister Silvio Berlusconi.
The new law, which cleared a final parliamentary vote earlier this month, will ban ownership of media for ministers and prevent companies in which ministers hold more then 25 percent from winning public contracts and discretionary subsidies.
Babis's holdings include food and chemical companies, some of which receive development subsidies and public orders, but also two national newspapers and a radio station.
"I will get rid of everything including media, also my internet media," Babis said in a live debate on TV Prima channel on Sunday.
"Unlike President Trump, I will not appoint family members to the trust fund," he said, adding that a family member would have an oversight role in the structure. "I will have no influence over the firm."
Trump said earlier this month he would maintain ownership of his businesses but hand off control to his two older sons while president.