Oligarch Kolomoisky faces new fraud charges in PrivatBank case
Israeli-Cypriot oligarch Ihor Kolomoisky has been slapped with fresh charges in the ongoing PrivatBank corruption case, according to a press release issued by Ukraine’s SBU Security Service on Sep. 15.
Kolomoisky, who was reportedly stripped of his Ukrainian citizenship in 2022, now faces charges relating to fraud and document forgery, as well as misappropriation of funds, abuse of an official position, and money laundering.
Between 2013 and 2014, Kolomoisky unlawfully seized 5.8 billion hryvnias ($150 million) by establishing a criminal group consisting of PrivatBank employees, of which he was a founder and shareholder, according to the SBU.
Throughout this period, members of this group assisted Kolomoisky in making systematic, fictitious cash deposits into the bank’s cash register, despite the bank not receiving any money. The SBU states that this scheme enabled him to amass a total of UAH 5.8 billion, equivalent to over $700 million at that time.
These counterfeit deposits were subsequently credited to Kolomoisky’s personal account, effectively becoming real non-cash funds, the SBU said. He then utilized them in his business activities by converting them into loans or cash, among other misuses.
On Sep. 7, the National Anti-Corruption Bureau (NABU) and the Specialized Anti-Corruption Prosecutor’s Office (SAP) informed Kolomoisky and five others of suspicion in embezzling over 9.2 billion hryvnias from PrivatBank ($247 million).
In January-March 2015, while serving as the head of the Dnipropetrovsk Oblast Administration, Kolomoisky allegedly crafted a scheme to misappropriate PrivatBank’s funds. The objective was to further finance an offshore company under his control and increase his stake in the bank’s statutory capital.
Following these developments, on Sep. 2, the Shevchenkivskyi District Court of Kyiv issued a preventive measure for Ihor Kolomoisky, ordering his detention for a period of 60 days in Dnipro. He was granted the option to secure his release by posting bail.
On the same day, the SBU, in collaboration with the State Bureau of Investigations (SBI) and the Prosecutor General’s Office, formally charged Kolomoisky with money laundering of criminally obtained assets. According to the SBU, spanning from 2013 to 2020, Kolomoisky allegedly laundered over half a billion hryvnias by transferring funds abroad, utilizing the financial infrastructure of banks under his control.
Kolomoisky has been remanded in custody for a period of 60 days in Dnipro. He declined to post a multimillion-dollar bail, and his legal team is currently preparing an appeal.
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