In his latest video, Yaroslav Zheleznyak breaks down how Timur Mindich is transferring assets and restructuring his businesses. The report highlights Mindich’s network, including his wife’s branded clothing stores, the Izumrud diamond factory, FirePoint, and CIT SECURITY, showing how proxies and affiliated persons are used to bypass sanctions and avoid arrests. Zheleznyak explains that after the Temporary Commission investigation, several companies quickly updated registration details, removing Mindich’s direct connections. The video provides detailed examples of these changes, exposing the rapid reorganization of Mindich’s empire and urging authorities like NABU and SAP to act quickly to identify and track affiliated individuals and assets.
If you’ve already seen the news that “Kvartal 95” was transferred to a new structure so that Mindich would no longer be there… this is far from the only example.
Mindich himself didn’t have that many assets. And sanctions plus the arrest make things even more complicated.
But legal restrictions do not apply to his affiliated persons. That’s why they are now actively transferring assets from themselves to other people.
For example, the high-end clothing business owned by Mindich’s wife was quickly transferred from Ihor Khmeliov (known as “Shmel” on the recordings) to another person.
Or Mindich’s diamond business also no longer formally belongs to his lawyer.
And the company that handled cash collection services for “Sens Bank” changed its address just two days after our temporary investigative commission — and it is now unrelated to Mindich’s factory.
We’ve prepared a short video overview on how Mindich’s businesses are being saved from further arrests.
“Yaroslav Zheleznyak: Friends, hello. Now we’re going to have another video about Mindich, his team, the transferring of assets, and even about Kvartal 95, because one way or another, 100% of you have already seen the widely promoted news in the media that Kvartal 95 has become Kvartal UA and got rid of its same co-owner, namely Timur Mindich. Honestly speaking, I’m a bit upset that we didn’t manage to become the original source of this information, because we — well, more correctly, my team — were actively following YouControl (I highly recommend this service), subscribed to all the companies of Mindich and those connected to him. They were set up for notifications, so whenever something happened with the owners, we would get an alert. And we actually saw the changes with Kvartal, because we were preparing this video for you, and it was supposed to be about what is changing in the companies where Mindich and his team were co-owners in one way or another. We wanted to include this in the general video, but someone beat us to it.
So about Kvartal, I’m sure you already know. But about everything else — most likely not. So this will be a video about the businesses connected to Mindich, his partners, and what is happening to them after Operation “Midas.”
I’m Yaroslav Zheleznyak, this is the “Zaliznyi Nardep” channel, and we begin.
Alright, let me give a few important disclaimers.
First:
a) Mindich, besides being a suspect in the case and even having an arrest in absentia, is also under sanctions.
b) He didn’t actually have that many official assets registered to himself. Meaning, if you go to YouControl right now and look at how many companies he officially owns or hasn’t transferred from his name yet, believe me — it’s not a very long list and, honestly, not that interesting. The most notable assets there are either Kvartal 95 or, accordingly, Vision TV.
So, if we’re talking specifically about Mindich himself — there wasn’t that much for him to transfer. There’s his separate investment fund — we’ll have a separate breakdown and video about that. I know some colleagues are already working on it. But overall, once again: there wasn’t a lot of officially interesting stuff registered to Mindich personally.
Moreover, many of Mindich’s assets were registered to proxy individuals, and today we’ll be referring several times to our previous video or investigation. Because in general, the entire business style of Mindich, as well as his former partners from the “Privat” group, is based on the idea that if you have an asset, you register it to someone connected to you, not to the main public figure. Meaning Mindich obviously did not keep key assets — whether it’s the Izumrud factory or some drone manufacturer — registered under his own name.
And third, what is most important — and what we have already seen, again, in the ruling of that same London court — is the fact that much of the business that de facto belongs to Mindich or to someone from the “Privat” group is held “informally” or in certain offshore jurisdictions that obviously do not fall under Ukraine’s jurisdiction — not at all — and to which Ukrainian sanctions do not apply. And because of that, everything there can be easily re-registered. That’s why it’s currently impossible to see the full scope — you would need a separate ASINT investigation.
So, now that we’ve covered the basics, once again: what exactly happened to Mindich’s assets? Well, if we’re talking about those registered to him personally, then yes — Kvartal 95 was transferred. More precisely, Kvartal 95 simply created a new legal entity where Mindich was not included. Everything else, as you can see on YouControl, is more or less the same as it was.
Now let’s return to the figure of Mindich himself and all the individuals we’ve mentioned over the past month, and earlier as well in our investigations. And here we can say that the biggest “magic” happens precisely with the affiliated persons. After the special operation “Midas,” all people close to Mindich, in one way or another, and their assets, accordingly, began to be transferred to other individuals.
Let me give you a few examples. There are more of them — if I listed everything, I wouldn’t have enough time, and you probably wouldn’t have enough patience to watch it. So we’ll start with the most obvious and the most understandable ones.
For example, his former business partner and, as I understand it, for a very long time his adviser on certain legal and economic issues — Ihor Khmeliov, who is mentioned on the recordings as “Shmel,” and whom we have discussed, including in connection with two of Mindich’s businesses.
The first is the business connected, one way or another, to Mindich’s wife. This whole business tied to branded clothing stores and the company KAMERON, which owns this network of luxury brand clothing — starting from Dolce & Gabbana and ending with Polo Ralph Lauren and everything in between. And she, Mindich’s wife, has said many times in various interviews that she is a co-owner of this business. Everyone knows this. Her mother, as I understand, previously had a very similar business in Moscow. This is Kateryna Verber, in this case, when we’re talking about the wife.
And the nominal owner for a long time was precisely this Ihor Khmeliov. And before this scandal and before “Mindichgate,” the entire business was registered under Ihor Khmeliov and a certain Feliks Furman. But now, Khmeliov has exited this business and transferred it to a certain Petro Hulak Maksymovych.
You don’t need to spend much time looking him up. He is either a very powerful businessman we’ve never heard of, or simply a placeholder person who appears in the registry as the founder or director of around 123 companies. In short, such people are often called “front men.” And since not much is known about him, we’re leaning toward the second option.
The same goes for Khmeliov: they have started removing him from nearly all the businesses he was part of before. These are probably not even businesses directly linked to Mindich — honestly, we didn’t find a direct connection there. But Khmeliov is being “cleaned out” from all companies.
The second example is the drone manufacturer and already well-known company Fire Point. Earlier we told you that it was registered to a so-called “location manager” — Yehor Skalyha, who is, accordingly, a classmate or university mate of the new official owner, Mr. Shtilerman. And before that, we also gave you several examples from those recordings showing that the second affiliated person behind this company is most likely “Shmel,” that is — Ihor Khmeliov, whom we just mentioned.
And now, after this whole scandal, Fire Point has officially changed its structure, and Mr. Shtilerman has become its official owner. In fact, I can already see that he has stepped into the public space and has begun commenting on various aspects of Fire Point’s business operations.
The third example is definitely a factory linked to Mindich. We’ve told you a lot about it in our investigation into diamond trading on both sides of the frontline. And we’re talking again about the factory from that investigation — the Izumrud plant. Let me remind you briefly that Mindich “took it away” from Kolomoiskyi. More precisely, Kolomoiskyi took the factory from the state and formally registered it under Mindich. Then Mindich, accordingly, took it back from Kolomoiskyi when he ended up in pre-trial detention, and after that Mindich transferred it to people affiliated with him.
From the plant’s ownership structure, the company whose beneficiary was Kolomoiskyi disappears. Timur Mindich himself also exits it. The owner of Izumrud becomes a company called Alpha Cross, belonging to a certain Viktoriia Dedishcheva. On paper everything looks neat, as if there are no traces of the oligarch or his close partners. But in phone databases, the new owner of the Izumrud plant is most often listed as “Timur Mindich’s lawyer” and “Viktoriia Kvartal Brylianty.”
This Viktoriia Dedishcheva is clearly linked to Mindich. As far as I understand, she is even mentioned several times in the recordings, simply as “Viktoriia.” And now, after this whole scandal, she has been very quickly removed from the plant’s ownership structure. Moreover, she was previously removed from Alpha Cross — the company you just heard about in our investigation — and again, Alpha Cross is one of the co-owners of the Izumrud plant.
Another example linked to Mindich, to influence over banks, and, surprisingly, again — to these diamond factories. There is a company called CIT SECURITY. It handles cash collection, has been on the market for a long time, and is well-known. It also, as far as I understand, runs a security business. This was also connected, accordingly, to the “Privat” group and even to Volodymyr Zelenskyy — providing him with partial security services.
And, as we found out relatively recently, during the work or preparation for our well-known Temporary Commission on “Mindichgate,” CIT SECURITY, including after Sensbank became state-owned, began partially handling cash collection for this state bank. And, according to our sources, and based on what we saw in Misha Tkach’s investigations for “Ukrainska Pravda,” Mindich directly influenced Sensbank through the bank’s head, Mr. Stupak, and together with Yermak — through another overseer, Vasyl Vesely.
But there’s another nuance, which you may already know if you were paying attention to our Temporary Commission. This company, CIT SECURITY, was registered at the very same address where the Izumrud plant is located.
And then we had a rather awkward situation — or, as I would say, “nervous” — when during the Temporary Commission we were questioning Sensbank’s chairman, Oleksiy Stupak, at the session. I asked him whether they were aware of any connection between CIT SECURITY, the Izumrud plant, and Mr. Mindich. And, accordingly… well, I’ll show you his reaction and how he responded.
Oleksiy Stupak: Cash collection is performed by CIT, this company operates, I think, only in two or three regions, in those where our collection is unprofitable, economically impractical.
Yaroslav Zheleznyak: And CIT SECURITY?
Oleksiy Stupak: That is CIT, I think.
Yaroslav Zheleznyak: Was this company present before your appointment?
Oleksiy Stupak: No, it wasn’t.
Yaroslav Zheleznyak: I see. Did you check the company’s registration address?
Oleksiy Stupak: No, I didn’t check.
Yaroslav Zheleznyak: I did. Want an interesting coincidence?
Oleksiy Stupak: Yes, please.
Yaroslav Zheleznyak: This company, CIT SECURITY, is very well-known. I won’t go into all the events now, but strangely, it is located at 11, Ivan Dziuba Street. I’m sure that doesn’t mean much to you, so I checked what else is there. The Izumrud diamond plant is there, which was registered under Timur Mindich and is now registered to Ms. Dedishcheva, if I’m not mistaken, who acts as his representative. Don’t you think that’s a bit of a coincidence?
Oleksiy Stupak: Look, I personally haven’t checked the address where it’s located.
Yaroslav Zheleznyak: And why am I showing you this? Because this event — our Temporary Commission — took place on November 17. And already on November 19, we received a notification — because we were also tracking CIT SECURITY in YouControl — that this company had changed its registration address. And, accordingly, it is now no longer connected to the Izumrud plant, at least by its address. If I’m not mistaken, it still performs cash collection.
So, this video won’t be a total exposé. I can’t say that all of Mindich’s businesses have already been transferred, because, objectively speaking, that would be untrue. What was registered under him, aside from Kvartal 95 — which, well, doesn’t really have any material value — has been transferred accordingly. At the same time, this won’t be a video saying that everything is fine. Because we see that all of his people, everyone who appeared on the recordings, are now actively changing everything they can in the registries, so that the companies are no longer under their names and, as I understand it, so that when new suspicions arise, there won’t be arrests.
We are also separately looking at what’s happening with certain movements in those companies that obviously should fall under sanctions. Because, let me remind you, Timur Mindich — even if only for three years — is under sanctions. And now we will be tracking even more closely the number of businesses registered under Mindich. Because a lot of information is coming in, and accordingly, we are learning more and more about his influence. Even in areas where, honestly, I didn’t expect to see him. But all of this will be covered in future videos.
The purpose of this video was to show that this whole story is being quickly re-registered. And I think the NABU and SAP also need to speed up regarding suspicions and identifying people, so that later we can at least partially recover all this money. And we will be actively helping here. As I announced, soon we will launch a website called “Timur and His Team, or Alibaba and the Forty Thieves,” where we will post all of these people who are somehow connected, even though they are still working in the public sector.
This was Yaroslav Zheleznyak, this is the “Zaliznyi Nardep” channel. Goodbye and see you next time.”
Tags: 2025 news Corruption investigation drones Fire Point Flamingo missile mindich mindich case nabu Ukraine defence
