10.08.2024 Corruption Investigations Money laundering

Law Enforcement and Courts Block International Investment in Ukraine

Ukraine needs foreign investment more than ever, including to develop war-affected businesses and create new ones. However, is the corruption-ridden Ukrainian government ready to receive the flow of funds?

Although international partners and world leaders systematically allocate billions of dollars for Ukraine, the money disappears without leaving a trace. Moreover, not only the oligarchs are involved in the misappropriation of investments, but also their pocket representatives of law enforcement, tax and judicial authorities. Otherwise, how can we explain the outflow of capital in favor of controlled entities that remain unattended by the security forces?

One of the representatives of business structures and their leaders who went against the system through fraud and corruption, appropriating other people’s assets, is the founder of Complex Agromars, Yevhen Segal.

Mr. Sigal has long been considered the most influential agricultural businessman in the country. His agricultural enterprises, such as Ternopil Agricultural Complex CJSC, Complex CJSC, Complex Concern CJSC, and West Ukrainian Gas Industry Complex SE, were leading in the industry.

However, this was not enough for the businessman, so he decided to implement another scheme – to enter into a number of loan agreements with banks, receive funds from them and, with the assistance of tax authorities and security forces, withdraw the funds received through conversion centers, so that he would not return a single hryvnia in the future.

Earlier, we wrote that Segal entered into loan agreements with JOINT STOCK COMPANY TASKOMBANK, JOINT STOCK COMPANY FUIB, PUBLIC JOINT STOCK COMPANY CREDOBANK, JOINT STOCK COMPANY WEST FINANCE AND CREDIT BANK. But only PUBLIC JOINT STOCK COMPANY “CREDOBANK” granted a loan to LIMITED LIABILITY COMPLEX AGROMARS in the amount of USD 1,338,896.61 and EUR 106,641.60. Not a single penny was returned to the bank by Segal’s AGROMARS COMPLEX LLC.

Where did the funds go? They were transferred to third parties – controlled legal entities by concluding fictitious contracts. Among them: BUDDEDEVELOPMENT KYIV LIMITED LIABILITY COMPANY, CHICKEN FAST LIMITED LIABILITY COMPANY, GTM PLUS LIMITED LIABILITY COMPANY, GRANDISON LIMITED LIABILITY COMPANY, FAST AGRO INVEST LIMITED LIABILITY COMPANY and others.

Thus, we found a connection between the already bankrupt AGROMARS COMPLEX LIMITED LIABILITY COMPANY and FAST AGRO INVEST LIMITED LIABILITY COMPANY. The following can be traced from the founder and director of FAST AGRO INVEST LIMITED LIABILITY COMPANY Yulia Fedoruk to the founder of GTM PLUS LIMITED LIABILITY COMPANY Vira Kasyanova, who, in turn, is a co-founder of Concern Complex Limited Liability Company, where Segal, a co-owner of AGROMARS, is a director.

It is through FAST AGRO INVEST that funds are now being withdrawn, including through the purchase of real estate and goods in circulation.

At the same time, while the funds received from banks were being withdrawn through the combinations to shadow accounts of third parties, Segal initiated criminal proceedings against financial investor companies.

Then, with his assistance:

  1. BUREAU OF ECONOMIC SECURITY, 03.10.2023, information was entered into the URPTI under No. 72023000500000085 under Art. 212, Part 3, Art. 206-2, Part 3;
  2. State Bureau of Investigation – on 10.07.2024, under No. 62024000000000581 under Article 190, part 5;
  3. National Police on July 11, 2024, under No. 12024111420000134, Article 190, part

Thus, law enforcement agencies that were supposed to fight criminals and fraudsters like Segal, on the contrary, became part of his schemes, helping not only to misappropriate monetary assets but also to destroy investor confidence in Ukrainian business and the state as a whole.

“Law enforcement agencies” have almost completely eroded our civilized basis for development: disrespect for property rights, lack of mechanisms to protect investor/owner rights. They have leveled the principle of unconditional protection of such rights, i.e., a priori, without preconditions and reservations.

Hence, the extremely inefficient judicial system, deformed and dysfunctional legal system, and repressive nature of law enforcement agencies.

We filed an application with a number of requirements to each of the involved structures, as we reported earlier. The law enforcement agencies, as expected, ignored the materials and refused to launch an investigation or even formally register the information in the URPTI. In response, we filed complaints of inaction with the investigating judges. But they also showed their own bribery and inefficiency.

For example, the investigating judge of the Shevchenkivskyi District Court of Kyiv, Hlyan O.S., by his rulings of 02.08.2024 in cases No. 761/27638/24 and No. 761/27636/24, dismissed the complaints, which set out the circumstances of the inaction of the SBI and the BES.

Investigating Judge of the Pechersk District Court of Kyiv T. Ilieva, by her decision of 05.08.2024 in case No. 757/33304/24-k, supported her colleague and agreed with the nihilism of the Kyiv City Prosecutor’s Office.

The same decision was made by the investigating judge of the Industrial District Court of Dnipropetrovs’k, Mikhalchenko A.O. (dated August 01, 2024, case No. 202/9332/24). By the way, this is the same court that, in collusion with the head of the Department of Internal Affairs in the Dnipro region of the State Security Service of Ukraine Didenko, agreed to conduct a series of searches of independent business representatives in the interests of the traitor Tsarev in order to intimidate, put pressure and seize property and assets.

We will not be intimidated by refusals. We have already filed appeals and will initiate internal investigations to bring even top law enforcement officials to justice.

Protecting investors and improving the investment climate in Ukraine is what the authorities should be focusing on, not on suppressing and stealing aid.

We remind you that the Association for the Protection of Defrauded Investors operates as part of the NGO NON-STOP. So, if you need help in recovering your lost assets, please contact the chat bot or email info.nonstopukraine@gmail.com

Did you witness a crime?

Let us know about it. We will help protect the violated rights!

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