Half price sale on Rada seats

By bne IntelliNews January 27, 2012

bne -

The multitude of Ukrainian businesspeople that reportedly pay through the nose for the benefits that a parliamentary seat offers are delighted to find that an upcoming rejig of the country's election system could cut the price by half.

To the joy of businesspeople seeking legal immunity, lobbying possibilities and other potential benefits that deputy status confers, Ukraine is reintroducing single-seat constituencies for half of the 450 seats in the unicameral national Rada in the run-up to parliamentary elections in October 2012.

When Ukraine's Rada isn't busy resembling a 19th century English riot - complete with egg-throwing - you could be forgiven for thinking you'd stumbled into a corporate conference given the number of seats occupied by the country's business fraternity. These deputies from the commercial world can now hope for a cheaper route into parliament than via the closed party lists used for elections since 2005, according to the chairman of the Committee of Voters of Ukraine, Oleksandr Chernenko, reports Interfax-Ukraine. "Earlier, people wanted to hide in the party list and not to be put to the vote in constituencies, but today the prices in party lists have grown significantly. They say that in the [ruling] Party of Regions, prices in the upper part of the election list have grown to $10m, and many businessmen don't think they should pay such money, as they can conduct a good, successful campaign for half as much in a constituency," Chernenko was quoted as saying.

The electoral change is driven by the sharp drop in the approval ratings of the ruling Party of Regions. The new mixed electoral system will split the route to the Rada in half, with 225 members elected via the closed party lists, in which political parties will compete for seats in a single nationwide constituency. The other 225 single member constituencies, meanwhile, are designed as a hedge against a poor result on the party lists, the vote in single-member constituencies being less determined by party preferences, and the members, once elected, more flexible in their voting preferences.

Ukraine's Central Election Commission has to draw up the 225 single-member constituencies by April 30 and publish them by May 5. Parliamentary elections are slated for October 28, with campaigning to start on July 30.

Related Articles

Ukraine's largest PrivatBank faces down nationalisation fears

Graham Stack in Kyiv - Ukraine's largest lender PrivatBank has survived a stormy week of speculation over its future, but there are larger rocks ahead, with some market participants anticipating the ... more

bne:Chart - Russia begins to steady the ship according to latest Despair Index

Henry Kirby in London - Ukraine and Russia’s latest “Despair Index” scores suggest that the two struggling economies could finally be turning the corner, following nearly two years of steady ... more

Austria's Erste rides CEE recovery to swing to profit in Jan-Sep

bne IntelliNews - Erste Group Bank saw the continuing economic recovery across Central and Eastern Europe push its January-September financial results back into net profit of €764.2mn, the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss