24.01.2025 Corruption Ecology Money laundering

How the oligarchs of the Privat group are taking away people’s assets from Ukrainians

The corruption schemes that oligarchs are once again using to seize state assets are becoming more sophisticated and large-scale. The oligarchs of the Privat group, Kolomoisky and Boholyubov, are not only strengthening their positions, but are once again using the Ukrainian judicial system to their advantage. How did corrupt judges help them avoid responsibility for billions of dollars in debt this time?

The Borivazh Port Scandal: How Judges Help Oligarchs

On January 15, 2025, the Northern Commercial Court of Appeal considered case No. 910/10935/24 concerning Agroterminal Logistic, the owner of the Borivazh port.

This is not the first time that Ukrainian courts have issued decisions that harm the interests of the state in favor of oligarchs. This time, we are talking about the decision of Judge Yekaterina Golovina, who in 2024 effectively blocked the business activities of Agroterminal Logistic and overturned an important decision of the Ministry of Justice that was supposed to protect the asset from the influence of the real owners of the port – Kolomoisky and Bogolyubov.

This ruling caused new financial risks for the country, as the port of Borivazh is a strategic asset that could bring billions to the state budget. Instead, the judges of the Northern Court of Appeal consisting of B.V. Otyrukh, V.A. Korsak and A.M. Ostapenko made a decision that actually opened the door for the return of assets to oligarchs.

The decision will actually lead to large financial losses that could have been used to purchase drones, armored vehicles and other equipment important for the army to fight the aggressor. The billions that Ukraine may lose because of this lawsuit are resources that should have been used to support the army.

Behind the backs of oligarchs: who else is helping in the scheme?

The situation with the Borivazh port and Agroterminal Logistic is not limited to Kolomoisky and Boholyubov alone. There is another figure behind the scheme, Serhiy Tihipko, who is one of the main beneficiaries of PrivatBank. Tigipko has been closely associated with PrivatBank’s chairman, Larysa Chernysheva, who worked under his leadership at Swedbank for many years.

Tigipko recently tried to buy out the debts of Borivazh at a reduction for UAH 2 billion, and through these debts to gain control of the port. However, he has not succeeded so far. Given the passive position of PrivatBank in the Borivazh case, where all mechanisms to protect the assets of the state-owned bank are effectively ignored, serious doubts arise about the interaction of high-ranking officials with oligarchs.

The NABU has already opened two criminal proceedings related to abuse of office and illegal sale of PrivatBank’s assets in the interests of oligarchs. The first case concerns the fact of large-scale misappropriation of another’s property, where the Borivazh port is a strong piece of evidence. The second is the illegal sale of loans to Borivazh by PrivatBank.

In addition, based on our materials, the TU BES in Odesa region registered information in the URPTI under No. 42024160000000005, part 3 of Article 212 of the Criminal Code of Ukraine. In addition, the Shevchenkivskyi District Court of Kyiv ordered the BES to initiate a pre-trial investigation (case 761/32027/24).

Despite the existence of important evidence, the investigation is moving slowly, which is partly due to the constant resistance of the oligarchs, who have strong connections among lawyers, law enforcement officers and judges. It is these connections that allow them to avoid responsibility and continue to implement their schemes.

The situation with Borivazh LLC and its relationship with PrivatBank and the state is a good example of the use of complex schemes to avoid responsibility and maintain control over strategically important assets.

Oligarchs continue to use the courts to maintain control over strategically important assets, while the state and its citizens are left with nothing.

We are sending the materials to law enforcement again and are confident that we will succeed in getting the truth.

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