13.05.2025
Business of Occupiers
Declaration
Former MP Yuriy Boyko legalized tens of millions of dollars through a network of front men and fictitious companies, investing them in luxury real estate in Ukraine and abroad. The amount is impressive – at least $70 million over the past 10 years. How does this scheme work, who facilitates it, and why don’t sanctions stop the fraud? Let’s analyze it further.
Who is Yuriy Boyko?
uriy Boyko is one of the most famous and scandalous politicians in Ukraine. He is a member of parliament of the VI, VIII and IX convocations, former co-chairman of the OPFL party and the Platform for Life and Peace parliamentary group, and has long been associated with pro-Russian views. Since 2014, Boyko has maintained close ties with pro-Russian figures, and in 2024, his public statements in support of Russia’s position led to numerous calls to the Security Service of Ukraine.
For his actions, Boyko was deprived of state awards, and on January 19, 2025, he was included in the list of persons subject to personal economic sanctions by a decree of the President of Ukraine. However, neither the sanctions nor the loss of awards stopped his activities. On the contrary, Boyko continues to implement a complex scheme of money laundering using controlled companies and front men.
How does Boyko’s financial web work?
Boyko organized a sophisticated money laundering network, including the activities of fictitious companies and front companies. In particular, the central link is PJSC “Closed Non-Diversified Venture Corporate Investment Fund ”Hunter”, registered in Kyiv. The fund is formally controlled by the Cypriot company KOTRYNA HOLDING LTD, but the real management is carried out by P. Yakubenko, who is close to Boyko.
The investment activity of the Hunter Fund took place in three stages, which we conventionally call “waves”. Each wave demonstrates an increase in the scale and complexity of the scheme.
The first wave (2015-2017). In July 2015, Hunter started investing in real estate, focusing on three residential complexes in Kyiv.
- French Quarter 2 residential complex: In 2018, the fund took ownership of 49 apartments with a total area of over 3000 m². Of these, 47 apartments were sold in the same year. At the minimum market value ($1380/m²), the investment amounted to about $4 million.
- Welcome Home residential complex: In 2020, the fund received 198 apartments and non-residential premises with a total area of 13,000 m². At $485/m², the investment is estimated at $6 million.
- RC Kamerton: The construction was completed in 2024, and the fund received 71 apartments with an area of 6,000 m², investing approximately $5.5 million.
In total, the fund invested about $16 million in the first wave, acquiring hundreds of real estate properties. The apartments were sold only after the construction was completed, indicating a long-term legalization strategy.
The second wave (2018). Expansion of the scale. In 2018, the Hunter Fund launched the second wave of investments, significantly increasing the amount of funding.
- French Quarter 2 residential complex: Re-investment in three buildings on Predslavynska Street and four on John McCain Street. The fund received 407 apartments and non-residential premises with a total area of 30,000 m², investing at least $41 million.
- Welcome Home residential complex: Additional 90 apartments with an area of 5,000 m².
- LaLaLand Residential Complex: An upfront payment of $6 million made it possible to receive 157 apartments.
In total, the second wave brought in more than $47 million in investments. Interestingly, the sale of only 4 apartments from the first wave could not provide funding of this magnitude, indicating the presence of other, dubious sources of funds.
The third wave (2019-2024): Starting in 2019, Hunter continued to invest, focusing on new properties:
- 19A Dniprovska Embankment (2019): 5 apartments with a total area of 550 m² were purchased.
- Welcome Home residential complex (2022): Additional 10 apartments with an area of 640 m².
- RC “House on Vavilovykh” (2021-2024): The Fund has invested in 119 apartments with an area of 7000 m², investing more than $8 million.
In total, the third wave added new properties to the fund’s portfolio, and the total investment over 10 years reached $70 million, which resulted in 1107 apartments in prestigious complexes.
Overall, the scale of Hunter’s investments raises serious questions. According to minimum market estimates, the total investment exceeds $70 million, but the origin of these funds remains unknown.
Boyko family’s wealth: Real estate, art and luxury cars
According to Yuriy Boyko’s declarations, his family owns an impressive portfolio of assets, most of which are registered in the names of Vira and Mykola Boyko.
Real estate. The Boyko family owns or uses dozens of properties in Ukraine and Russia, including luxury apartments, houses and land plots. Among them:
- A residential building of 30 m² (owned since 1994).
- A 1952 m² land plot (since 1998).
- An apartment in Russia with an area of 220.3 m² (used since 2006).
- Apartment with an area of 257 m² (use since 2001).
- Residential house with an area of 444.8 m² (in use since 2003).
- A garden house with an area of 652.1 m² (in use since 2019).
- Apartment with an area of 80.7 m² (joint ownership since 1994).
- Office with an area of 25.7 m² (leased since 2016).
- 15 plots of land with a total area of over 500,000 m² (use or lease from 2006-2020), including a plot of 371,287 m² (from 2020).
Particular attention is drawn to the real estate in Russia, which raises questions about the family’s ties to the aggressor country. In addition, a significant number of land plots registered in 2020 coincide with the period of tightening sanctions against Yuriy Boyko, which may indicate attempts to hide assets.
Valuable movable property
- Works of art and jewelry (a set of 3 jewelry pieces and a women’s pendant) owned by Vira Boyko.
- Vehicles:
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- Mercedes-Benz GL 500 2006 (cost at the time of purchase – UAH 696,000).
- VAZ 2101 made in 1978.
- Agricultural machinery (without specifying details).
Shares. Since 2001, Vira Boyko has owned 59,146 shares in Luhansk Electro-Apparatus Plant PJSC (nominal value – UAH 0.15 per share, total amount – UAH 9000). This plant is located in the occupied territory of Luhansk region, which makes this asset questionable in terms of legality and expediency.
Sources of income: What doesn’t add up?
According to Yuriy Boyko’s declaration for 2024, the total family income for the year is about UAH 72 million, which looks impressive but raises questions. For example:
- A gift of UAH 28 million from his son Anatoliy has no clear economic justification. Where did the son get the money from?
- Interest from banks (more than UAH 26 million for the couple) indicates the presence of huge deposits that do not correspond to official income for previous years.
- Dividends from Stolychna Nedvizhimost LLC (UAH 12 million for the spouses) look disproportionate for a real estate rental company.
These amounts are much higher than the income that can be explained by salaries or pensions, indicating possible illegal sources.
Questionable companies: The financial web of the Boyko family
The Boyko family also controls a number of companies that may be part of money laundering or tax evasion schemes. For example, Stolychna Nedvizhimost LLC, which is the main source of the family’s income. However, its financial activity is suspicious. Renting a 600 m² business center is unlikely to generate such dividends without manipulating financial flows, for example, through fictitious transactions.
In addition, the Boyko’s may own shares in PJSC Luhansk Electrical Apparatus Plant, LLC Ukrgaz, JSC Closed Non-Diversified Venture Corporate Investment Fund Onyx Invest, LLC Aquaresurs-1, etc.
These companies, especially in the energy sector, allow the Boyko family to generate significant financial flows that are difficult to explain as legitimate activities. For example, the control of Volynoblenergo and Tereble-Ritska HPP through his son Anatoliy indicates that these assets may be used to conceal illegal income.
Yuriy Boyko’s family has accumulated a huge fortune that does not correspond to official income. Real estate worth hundreds of thousands of square meters, control over energy assets and millions of dollars in dividends point to possible money laundering schemes and corruption. Assets in Russia, in the occupied territories, and gifts worth tens of millions of hryvnias are of particular concern. That is why we call on the NABU, the DBR and the SBU to investigate the activities of the Boyko family, in particular Stolychna Nedvizhimost LLC, Onyx Invest JSC and Aquaresurs-1 LLC.
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