September 29, 2023

Ukrainian Authorities Conduct Raid on Billionaire Ihor Kolomoiskiy’s Home

Ukrainian Authorities Conduct Raid on Billionaire Ihor Kolomoiskiy's Home.

The Ukrainian Security Service did not respond immediately to a request for clarification regarding the reports, and attempts to reach Kolomoiskiy for a statement were unsuccessful. Here is all you need to know about Ukrainian Authorities Conduct Raid on Billionaire Ihor Kolomoiskiy’s Home.

Ukrainian Authorities Conduct Raid on Billionaire Ihor Kolomoiskiy's Home

About the raid

On Wednesday, Ukrainian state security conducted a search at the residence of billionaire Ihor Kolomoiskiy as part of an alleged investigation into potential financial improprieties, according to multiple media outlets. The Ukrainian Security Service (SBU) did not provide an immediate response to inquiries regarding the reports, and attempts to reach Kolomoiskiy for comment were unsuccessful. A high-ranking official from the governing party confirmed the search at both Kolomoiskiy’s home and that of a former interior minister, however, the reason for the search was not disclosed.

Images circulating on social media seemed to depict Kolomoiskiy, clad in sweatsuit attire, observing the presence of at least one Ukrainian Security Service (SBU) officer inside a substantial wooden house. The authenticity of the photographs could not be immediately confirmed by Reuters.

About Ihor Kolomoiskiy 

Ihor Kolomoiskiy is one of Ukraine’s wealthiest individuals and was once an ally of President Volodymyr Zelenskiy. In late 2021, President Zelenskiy initiated a crackdown on wealthy businessmen, referred to as “oligarchs,” prior to the full-scale invasion by Russia. Kolomoiskiy, hailing from the central city of Dnipro and holding ownership of various assets including a prominent television channel in Ukraine, supported Zelenskiy’s presidential campaign in 2019.

According to Ukrainska Pravda, the search of Kolomoiskiy’s home on Wednesday was related to an investigation into allegations of embezzlement of oil products and avoidance of customs duties and was conducted by the Ukrainian Security Service (SBU) and the Economic Security Bureau of Ukraine. Additionally, Ukrainian anti-corruption officials are looking into a case where eight individuals are suspected of misappropriating assets and funds from a state-controlled oil company that was formerly associated with Kolomoiskiy.

In 2021, Ihor Kolomoiskiy was subjected to sanctions by the United States due to his alleged involvement in significant corruption. The U.S. authorities have accused Kolomoiskiy and his business partner of funneling illegally obtained funds through the United States. Despite these allegations, Kolomoiskiy denies any wrongdoing.

Recommended reading: Union Budget 2023, 5 Key Personal Income Tax Updates

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