He speculated that Poroshenko made his campaign promise "because he didn't want to be perceived as yet another oligarch." He added, "I believe his asset base is not in any way dependent on politics and can hardly be influenced by his position."
Some of Poroshenko's predecessors have been accused of using the office of president to enrich themselves. Ukrainian prosecutors allege that Viktor Yanukovich, who fled to Russia in February, left the country with billions of dollars. He has denied any wrongdoing.
Several investment bankers who specialize in the consumer market expressed skepticism in recent interviews that any company would invest in a Ukrainian company like Roshen, given the country's current political climate. Many weren't even monitoring the potential sale of Roshen, with one saying he was "not sure it is actually real."
Salvetti and Paseniuk countered that Poroshenko is serious about selling. There have been some "preliminary discussions" about Roshen, Salvetti said. "Clearly the market conditions suggest to buyers some cautiousness. We have had some discussions with potentially serious people. We will have to see how the market will evolve." He declined to elaborate.
Two potential buyers who already do business in Ukraine - Switzerland's Nestle SA and Cadbury's U.S. parent, Mondelez International Inc - both declined to comment.
Hard candy
Roshen, which operates six factories in four different countries as well as a chain of upscale retail shops, derives its name from the two middle syllables of Poroshenko's surname. Despite the president's nickname - the Chocolate King - Roshen also manufactures cakes, hard candies, toffee, biscuits and numerous other non-chocolate treats.
At its headquarters in Kiev, Roshen president Vyacheslav Moskalevsky said, "It would be strange if I said it was a favorable time to sell." He owns 9 percent of Roshen, but, in contrast to Poroshenko, said he has no plans to sell his stake.
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He said although the company is still profitable, sales in the first 10 months of this year totalled $640 million, down 35 percent from last year. He said the company has lost a total of about $4 million a month in sales in eastern Ukraine due to the war and in Crimea, which Russia annexed in March. Its costs for raw materials have skyrocketed in part due to Ukraine's plunging currency.
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Ukraine's Chocolate King president not sweet on promise