Czech leader Babiš to surrender control of Agrofert ahead of expected premiership
Move to place the multibillion-koruna conglomerate in a blind trust aims to resolve long-standing conflict-of-interest concerns under Czech and EU law.
Chairman of the ANO movement Andrej Babiš announced on December 4 a definitive plan to resolve any potential conflict of interest related to the Agrofert holding, ahead of his expected appointment as Prime Minister. The announcement fulfils a key condition set by President Petr Pavel, who confirmed he will appoint Babiš to the position on December 9.
President Pavel welcomed the decision, stating that Babiš had
“fulfilled our agreement in a clear and transparent way.”
In a video message shared on social media, Babiš revealed he will irreversibly relinquish all ownership, economic ties, and decision-making influence over Agrofert.
“I have decided to take a step I never thought I would take. I will no longer own the company, benefit from it, or have any contact with it,”
Babiš said.
Under the proposed structure, Agrofert will be transferred to an independent blind trust designed by external experts to comply with both Czech and EU legislation. The trust will be overseen by an independent trustee and monitored by an independent protector, with strict rules preventing involvement by Babiš, his family members, or anyone financially linked to them. The company will pass to his children only after his death.
Babiš has 30 days from his appointment to complete the transfer. He expressed confidence that the process will not affect the company’s access to public subsidies. Constitutional lawyer Aleš Gerloch commented that the arrangement appears to meet legal standards, noting it prevents Babiš from benefiting directly or indirectly from Agrofert.
Babiš stated that his decision honours a commitment made before the elections to resolve the issue decisively. He added that stepping away from politics or appointing an alternative ANO candidate would have felt like “a betrayal” of the record number of voters who supported the movement.
“By taking this step, I have fulfilled the condition required by the president for my appointment as Prime Minister,”
he said.
Agrofert, founded by Babiš in 1993, is today one of the Czech Republic’s largest conglomerates with operations in agriculture, food production, and the chemical industry. The group consists of more than 250 subsidiaries, employs approximately 40,000 people, and recently ranked eighth among the country’s most valuable companies, with an estimated market value of 96 billion CZK.
