29.04.2024 Investigations Kharkiv

Pavlo Fuchs: how his illegal business empire INVESTOHILLS was built

Pavlo Fuchs: how his illegal business empire INVESTOHILLS was built

The under-sanctioned oligarch hails from Kharkiv, who has a reputation as a “thumper” and a swindler. The above clearly characterizes the character of Pavel Fuchs. The businessman-developer, who received Russian citizenship, robbed Kharkiv for years and continues to lead the thefts there. And since the beginning of the full-scale invasion, he disappeared from the radar, traveling on the Monaco-London route. Who is Pavlo Fuchs? Why is he so disliked not only in Ukraine, but also in the Russian Federation?

Fuchs began his journey in Kharkiv, where he spent his childhood and youth. Information about this time is a black spot in the media field. Most of the media writes about Fuchs in the 90s and business in Moscow. However, something from the oligarch’s youth is still known. For example, about the friendship with the then hooligan “Hepa”, who ten years later became the mayor and favorite of Kharkiv residents.

In the 1990s, Pavlo Fuchs fled to Moscow. Just ran away. The departure was sudden, and the reasons for this still remain a mystery. One of the possible versions of a sudden change in activity is a “money shot” by an influential Kharkiv organization. After that, young Pavlo was forced to go on a trip.

Fuchs found himself in Moscow. At first, he traded alcohol and vodka through the Soyuz Invest company, and then supplied coal, oil products and participated in deals between Gazprom, Beltransgaz and other influential structures. However, the apogee of wealth and the real key to millions of fortunes was found in construction. Techinvest, co-owned by Fuchs, became the developer of several of the skyscrapers of Moscow City. Two of which, in addition, are apartments, despite the promise, the oligarch’s company never completed.

In Moscow, Fuchs got as close as possible to the local elite circles. He became part of the OZ and directly communicated with “Putin’s people.” There he met Donald Trump, a Putinist, to whom he offered to invest in the next Moscow City tower – Trump Tower.

But the fairy tale did not last long and ended with an international manhunt. And returning to the Motherland, where he was also not expected much.

In Ukraine, Fuchs became close to the then ruling political circles. For example, with ex-prime minister Volodymyr Groysman, and later with the head of the Ministry of Internal Affairs Areson Avakov. The latter helped solve Fuchsian issues and cover up in case of problems. He collaborated (and still continues) with Vitaly Khomutynnyk, a raider and mafioso of the “Party of Regions”.

On the shoulders of Fuchs is the scam of the century, thanks to which the businessman and his accomplices took possession of assets worth more than 100 billion hryvnias. 100 billion hryvnias, which the businessman’s group received during the years 2018-2022. Then, Pavlo, together with accomplices, including oligarchs from the Russian Federation, including the Russian Volkov, launched a large-scale financial fraud involving strategic enterprises of Ukraine. The group searched for branch-based energy, machine-building, and metallurgical enterprises of Ukraine that had loans from bankrupt banks. Later, Fuchs’s companies bought out credit obligations from financial institutions for nothing, which gave the “green color” for direct influence on the economic activities of Ukrainian companies. Further, the assets of factories and infrastructure facilities were simply frozen, activity was blocked, or, traditionally, they were brought to bankruptcy.

Moreover, Fuchs and his accomplices carefully hid the sources of financing the deals and the real “customers” thanks to complex financial manipulations. More than 100 affiliated commercial structures were used for this purpose.

In the course of the scam, the Fuchs group received additional income and avoided paying taxes. For example, from just one of these deals, the amount of damage caused to the state reaches almost 100 million hryvnias. One of a hundred deals. Therefore, we offer to analyze in detail the essence of the fraud and how Fuchs managed to rob the country of billions for so many years in a row.

The commercial group of Fuchs included not only related legal entities, but also non-resident companies and buyers, which in fact aimed to dispose of assets without properly reflecting the received income in tax reporting. All of them united in “INVESTOHILLS”, the main investor of which turned out to be Pavlo Yakovych again.

See more about the essence and consequences of the scam in розслідуванні.

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