A Ukrainian court has ordered businessman Ihor Kolomoisky to be detained for two months on charges of fraud and money laundering. This is a significant development as Kolomoisky is one of Ukraine’s most influential and wealthy individuals, and he is also under US sanctions.
The decision to detain Kolomoisky comes as Ukraine is making efforts to demonstrate progress in its ongoing crackdown on corruption during a period of war. Kolomoisky was once a supporter of President Volodymyr Zelensky, backing his election campaign in 2019.
Defense lawyers for Kolomoisky plan to appeal the ruling, citing concerns about its legality. However, they have stated that Kolomoisky will not post bail, which is set at nearly $14 million, to secure his release.
Following a court hearing in Kyiv, Kolomoisky, who is among Ukraine’s richest individuals, was seen being led away in custody. The Security Service of Ukraine announced the case against him, accusing him of laundering more than $14 million by transferring funds abroad and using banks under his control between 2013 and 2020.
In his evening address, President Zelensky indirectly referenced the case, thanking law enforcement agencies for their determination in pursuing long-standing cases of corruption. He emphasized the need for the law to be upheld and for those who have violated it to be held accountable.
Kolomoisky belongs to a group of oligarchs who accumulated substantial industrial wealth after the collapse of the Soviet Union in 1991, wielding significant political and economic influence.
Prior to the 2022 Russian invasion, Ukraine’s government, under Zelensky, passed legislation aimed at regulating oligarchic influence and barring them from politics. The war has weakened the oligarchs’ power as their industrial assets were damaged in the conflict, and their television channels have been centralized.
Zelensky, who was a comedian before becoming president and starred in a show on a TV channel owned by Kolomoisky, denies that the businessman has influenced his government.
During the ongoing war, Ukraine has prioritized its anti-corruption efforts as part of its bid to join the European Union and secure funding for post-war reconstruction.
This is not the first wartime action involving Kolomoisky. In November of the previous year, the state took control of stakes in major strategic companies associated with him under wartime laws to support the war effort. Earlier this year, security officials searched Kolomoisky’s residence in connection with a separate investigation related to embezzlement and tax evasion in Ukraine’s largest oil companies, in which he holds partial ownership.
Kolomoisky is a former owner of PrivatBank, a leading Ukrainian bank that was nationalized in 2016 as part of a banking system overhaul. He has held assets in various sectors, including energy, banking, and media, and owns an influential television channel.
The United States imposed sanctions on Kolomoisky in 2021 due to allegations of significant corruption. US authorities have also accused him and a business partner of laundering stolen funds through the United States, allegations that Kolomoisky has denied.
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