NABU and SAPO have disclosed the case materials involving Ihor Kolomoyskyi, the former ultimate beneficial owner of PJSC CB “PrivatBank,” along with five members of an organized group suspected of embezzling over UAH 9.2 billion from the bank.

The investigation established that between January and March 2015, the bank’s ultimate beneficial owner – who at the time also served as Head of the Dnipropetrovsk Regional State Administration – devised a scheme to embezzle funds from PrivatBank.

The goal was to further finance an offshore company under his control and increase his own share in the bank’s authorized capital.

To achieve this, the bank was artificially compelled to pay over UAH 9.2 billion to the said controlled company under the pretext of a supposed buyback of its own bonds at an inflated value.

Subsequently, a portion of the funds – over UAH 446 million – was transferred to the accounts of three affiliated legal entities under the guise of securities purchase and sale transactions in order to launder the money.

Later, the funds were further transferred to the accounts of two more entities. Eventually, the money was deposited into the personal account of PrivatBank’s ultimate beneficial owner.

He used the funds at his own discretion – contributing them to PrivatBank’s authorized capital to meet the requirements of the National Bank of Ukraine.

Before the Ukrainian authorities took control of PrivatBank, $5.5 billion had already been withdrawn through banks in Austria, Luxembourg, and Latvia. After that, the trail goes cold.

The former head of the National Bank of Ukraine called it one of the most high-profile financial scandals of the 21st century.

The amounts withdrawn from the country were approximately equivalent to 5% of Ukraine’s GDP.

On December 18, 2016, Ukraine nationalized PrivatBank, shifting the burden of a $5.9 billion bailout onto taxpayers.

Currently among the suspects are:

the former ultimate beneficial owner of PrivatBank, organizer of the group;

the former Chairman of the Management Board of PrivatBank;

the former Deputy Head of the Interbank Dealing Division – Director of the Interbank Dealing Department of the bank, who simultaneously acted as a trusted representative of a non-resident company affiliated with PrivatBank;

the former Deputy Chairwoman of the Management Board of PrivatBank – Director of the Treasury;

the former Head of the Department for Interbank Operations Support at PrivatBank’s Treasury;

the former Deputy Head of the Department for Servicing LORO Accounts of Non-Resident Correspondent Banks at PrivatBank’s Head Office.

The actions of the individuals have been classified under Articles 191, 209, and 366 of the Criminal Code of Ukraine.

This episode is the fourth in the case concerning the embezzlement of PrivatBank funds. In October of last year, NABU and SAPO stated that detectives had gathered sufficient evidence to prove the guilt of the suspects in the three previous episodes and opened the case materials to the defense. On September 6, 2023, the indictment was submitted to the court.

It should be recalled that in February 2021, NABU and SAPO notified former bank officials of suspicion regarding the embezzlement of over UAH 136 million through an insurance payout scheme.

Just a month later, the charges were expanded with a new episode – the embezzlement of nearly USD 315 million (approximately UAH 8.2 billion) through a letter of credit scheme.

In September 2022, the list of crimes attributed to former PrivatBank managers was further expanded with another embezzlement – this time of UAH 85.2 million.

The PrivatBank case is one of the largest in the history of Ukraine’s anti-corruption institutions.

According to open media sources, in particular – slidstvo.info, President Volodymyr Zelenskyy and his close associates may have been involved in transfers from structures linked to Kolomoyskyi.

The Pandora Papers – a leak from 14 firms that registered and serviced offshore companies – have partially confirmed a scheme involving the transfer of funds from entities linked to oligarch Ihor Kolomoyskyi to offshore firms connected to Volodymyr Zelenskyy and his associates.

Offshore companies linked to Zelenskyy and his team allegedly received $40 million from firms associated with Kolomoisky.

Journalists were able to identify the ultimate beneficial owners of several offshore entities that may have received the funds. These transfers could be part of the broader story of the embezzlement and laundering of money from PrivatBank.

How servant of People’s friendship with Ukraine oligarch begins.

In 2012, Ihor Khoroshkovskyi, one of the investors in Kvartal 95 Studio – founded by Volodymyr Zelenskyy – sold his stake to oligarch Ihor Kolomoyskyi.

This took place during the period when the Kvartal 95 Studio officially began its cooperation with the “1+1” television channel, owned by the oligarch Kolomoyskyi.

Here is worth to remind, what NABU made public today – the PrivatBank’s ultimate beneficial owner – read Kolomoyskyi – devised a scheme to embezzle funds from PrivatBank between January and March 2015.

It may sound ironic, but as fate would have it the start of “Servant of the People”, famous Ukrainian-made political comedy television series produced by Kvartal 95 Studio, dated the same year 2015. The show tells the story of a high school history teacher who unexpectedly becomes President of Ukraine. The lead role was played by Volodymyr Zelenskyy.

The premiere of the first season of the series took place on November 16, 2015, on the 1+1 TV channel, owned by the oligarch Igor Kolomoyskyi.

Later, in June 9, 2016, a company called Kvartal TV was registered as a limited liability company. Its ownership was shared between representatives of Kvartal 95 Studio and the 1+1 Media Group as follows:

From Kvartal 95 Studio:

Serhiy Shefir – 12.5%
Borys Shefir – 12.5%
Volodymyr Zelenskyy – 12.5%
Andriy Yakovlev – 12.5%

From 1+1 Media Group:

Oleksandr Tkachenko (then CEO of 1+1 Media) – 16.67%
Yaroslav Pakholchuk (then CFO of the group) – 16.66%
Timur Mindich – (then 50% Kvartal 95 Owner) – 16.67%

Here first official link become visible between Kvartal 95 and Timur Mindich – a longtime partner of Ihor Kolomoyskyi.

In October 2017, the second season of “Servant of the People: From Love to Impeachment” premiered. Likely intended as an ironic form of revenge for the nationalization of PrivatBank against the then-president Poroshenko.

Since the next year Kvartal 95 Studio became involved in Ukrainian politics, and in 2018, a political party with the same name “Servant of People” as the show was registered. Running as its candidate, Zelenskyy was elected president of Ukraine in 2019.

It is also remarkable that Kolomoyskyi openly spoke about supporting Zelenskyy’s presidential campaign.

“No personal investment from me was needed,” Kolomoyskyi said. “He [Zelenskyy] had a contract with the ‘1+1’ TV channel – that’s how I helped… in first round it was around $10 to $20 million. And the second round, I think, didn’t cost anything at all – everything had already been decided by then.”

Volodymyr Zelenskyy sold his share in the Kvartal 95 after he became the President of Ukraine in 2019. This was done to avoid a conflict of interest and to comply with ethical standards related to his new position.

Following Zelenskyy’s divestment, the ownership of Kvartal 95 was split among Andriy Yakovlev (12.5%), Timur Mindich (50%), and Serhiy Shefir (37.5%).

But Timur Mindich remained not only Kravtal 95 co-owner, but also influential intermediary between President Volodymyr Zelenskyy and oligarch Ihor Kolomoyskyi.

They say he is the one who organizes birthday parties for Zelenskyy and didn’t even miss the scandalous celebration of Yermak’s anniversary.

“Mindich lives on Bankova Street. He shuttles back and forth between the President’s Office and Kolomoyskyi’s office like a ‘courier.’ Kolomoyskyi doesn’t want to talk by phone because he’s afraid the Americans are listening,” the publication quoted one of the businessmen close to Bankova.

The arrest of Ihor Kolomoisky on September 2, 2023 and his possible connections with President Volodymyr Zelensky have caused significant public resonance.

Although there were no official charges directly linking the two individuals in the context of the arrest, their past business and political relationships remain a subject of discussion.

Currently, there are no official charges on record.

NABU and SAPO officially announced that PrivatBank investigation case is completed. The names related to this case and the list of individuals connected to them, whose involvement has been revealed by anti-corruption institutions, are currently unknown to the wide public.

Until today, public attention had been officially focused on another individual from Zelenskyy’s inner circle – Oleksiy Chernyshov – who had been formally served a notice of suspicion by NABU.

Chernyshov began his path in the public sector on October 2019, when he was appointed head of the Kyiv Regional State Administration. His candidacy was approved by the Cabinet of Ministers of Ukraine, which had been formed by the ruling “Servant of the People” party.

In 2021, during the football match between Dynamo and Benfica – where, according to media reports, Kolomoyskyi gave the green light for MPs loyal to him to vote for the dismissal of Parliament Speaker Dmytro Razumkov – the oligarch held a closed 30-minute meeting with Oleksiy Chernyshov.

Chernyshov was than among the guests at a birthday party for the president. The celebration took place in the midst of the COVID-19 quarantine at the home of Timur Mindich, co-owner of the Kvartal 95 studio and one of Kolomoyskyi’s closest partners.

In a few months after that party, in Mach 2022 Oleksii Chernyshov had been appointed head of Naftogaz.

It was Mindich who is considered the primary career lobbyist for Chernyshov. In this context, sources told Censor.NET that “Mindich influences processes within Naftogaz.”

And so, Kolomoyskyi might finally got his ‘ripe apples’ this fall and divide up Ukrnafta – according to one commentator’s words – “based on the principle of 49% of the profits to himself, and 51% of the losses to the state.”

But that’s another story – one that is undoubtedly being investigated by both NABU and SAPO.

Since then, Chernyshov has held multiple positions within the Ukrainian government, one of the most notable was his appointment as head of the newly established Ministry of National Unity of Ukraine – a role that saw him traveling the world “uniting Ukrainians.” The ministry was operated just one year – since 2024 to 2025, with Chernyshov serving as its first – and ultimately last – minister.

But now, Deputy Prime Minister Chernyshov has been officially notified of suspicion of accepting a bribe. According to NABU, the current case involves a bribe in the form of real estate discounts totalling over UAH 14.5 million. And it was Timur Mindich, co-owner of the Kvartal 95 Studio, who traveled to London recently and personally convinced Minister Chernyshov to return from his business trip within the timeframe set by President Zelenskyy. Mindich kept his “promise” — and Chernyshov was released on bail – a staggering UAH 120 million, sparking widespread public reaction. The criminal case is ongoing.

What is undeniable, however, is that Mindich might serve as the intermediary between Zelenskyy and Kolomoyskyi and between Chernyshov and Kolomoyskyi.

On June 23, 2025 – the NABU and SAPO have officially served a notice of suspicion to Deputy Prime Minister and Minister for National Unity Oleksii Chernyshov.

Today, Junly 23, 2025 – The NABU and SAPO have disclosed the case materials regarding the former ultimate beneficial owner of PJSC CB “PrivatBank” Igor Kolomoyskyi.

What NABU and SAPO have more to say?

What will happen next?

Time will tell.

That is why the independence of anti-corruption institutions such as National Anti-Corruption Bureau of Ukraine (NABU) and Anti-Corruption Prosecutor’s Office (SAPO) is especially critical for Ukraine today.

Everything hidden eventually comes to light.

Disclaimer: According to Part 1 of Article 62 of the Constitution of Ukraine, a person is presumed innocent of committing a crime and may not be subjected to criminal punishment until their guilt is proven in accordance with the law and established by a court verdict.

EMPR