“For many years, “Privat Group” was one of the most powerful business networks in Ukraine. Around its co-founders Igor Kolomoiskyi, Gennadiy Bogolyubov and their partners, including Timur Mindych, a business framework was formed that covered finance, oil, metallurgy, aviation, media and energy. But in recent years, this empire has lost its influence, and its key figures have found themselves in completely different legal and political positions”, — write on: ua.news
For many years, “Privat Group” was one of the most powerful business networks in Ukraine. Around its co-founders Igor Kolomoiskyi, Gennadiy Bogolyubov and their partners, including Timur Mindych, a business framework was formed that covered finance, oil, metallurgy, aviation, media and energy.
But in recent years, this empire has lost its influence, and its key figures have found themselves in completely different legal and political realities:
Kolomoiskyi is in a pre-trial detention center, Bogolyubov moved abroad and is not coming back, and Mindych went away unhindered to the “quiet harbor” of Israel, from where he cannot be extradited, at least in the near future. About how Mindych managed to cross the border – the media mention here. https://unn.ua/news/mindych-vyikhav-za-kordon-pered-obshukamy-bo-nabu-ne-vystavyly-indeksy-zatrymky-na-kordoni-dzherela . What caused this decline?
Nationalization of PrivatBank: the moment that broke the system
The nationalization of PrivatBank in 2016 was a key blow to the group. Together with the bank, the group lost the basis of its financial architecture. Since then, the state has gained access to internal documents, international structures have been involved in the analysis, and numerous criminal trials have begun. The Privat Group ceased to exist as an integral business entity.
Why Ihor Kolomoisky ended up behind bars
Currently, Kolomoiskyi is in the pre-trial detention center as part of several criminal proceedings related to financial transactions related to PrivatBank, as well as contract murder.
The political implications are discussed, but the legal fact is a fact: cases against him have been officially registered, some have been brought to court. Moreover, the investigation is conducted simultaneously by NABU, BEB, and SBU.
Why is the Kolomoisky case taking so long? “ lay down » in NABU
According to information that is actively discussed in the legal community, the proceedings against Kolomoiskyi were in NABU for a long time without any movement. The investigative actions were completed, the investigation period was running, but the indictment was not submitted to the court.
Everything changed in the summer of this year, when legislative proposal No. 12414 appeared, according to which the General Prosecutor’s Office could initiate an audit of all ineffective cases of NABU and SAP. Despite the resonance and confusion in society, under “ ineffective matters » in fact, it was understood exactly those proceedings that did not have active investigative actions, did not advance to the court stage, in fact lay without movement.
And here is an important nuance: it was about similar cases of Kolomoiskyi, not Mindych or Chernyshov.
In the Mindych-Chernyshov cases, both now and then, NABU really conducted active searches, investigative actions, wiretapping. On the other hand, Kolomoisky’s case, on the contrary, was actually completed, but was not brought to court.
When there was a threat that the Prosecutor General would take the case “for examination”, NABU and SAP immediately submitted the indictment to the court.
This was evidence that the investigation into this case was completed, the indictment was ready, the transfer to court was a matter of political or bureaucratic decision, not legal readiness.
And here it is worth mentioning that, in a strange way, Kolomoisky at that time was waiting for the victory of the NABU detective in the competition for the head of the BEB, expecting that it would help him manage his affairs. It was about Oleksandr Skomarov, whose family left the country in February 2022 in the car of the wife of the People’s Deputy from OPZZH Fedor Khristenko, who is currently locked up in a pre-trial detention center. He is called a person who had a significant influence on NABU detectives, in particular Ruslan Magamedrasulov, with whom they were allegedly business partners in the Kyiv Sky Mall shopping center.
Bogolyubov: emigration, foreign courts and one big strategic mistake
According to various sources, Bogolyubov currently lives in Vienna, hoping that this country will not extradite him to the jurisdictions that are looking for him for financial fraud. Unofficial versions, which are actively circulating among journalists and are confirmed by information from sources, travel abroad for Bogolyubov became possible after he became an informant for NABU and SAP. According to interlocutors, he was sent to anti-corruption agents by Fedir Khristenko.
So he ended up as an informant in the hands of Khristenko’s probable business partner, NABU detective Magamedrasulov.
In exchange for information on the activities of Kolomoiskyi’s group, the parties could discuss issues “soft” procedural fate for Mykhailo Kiperman, a close partner of Bogolyubov. It was allegedly about avoiding an international search and the possibility of concluding a favorable agreement with the investigation, as well as the transfer of funds for conducting or not conducting investigative actions against Kiperman.
According to information provided by the SBU, Bogolyubov left Ukraine on the same train with NABU detectives, who were either accompanying Bogolyubov, according to the SBU, or heading to some international meeting, according to the NABU.
But in the professional environment, they believe that Bogolyubov’s cooperation with NABU could become a turning point in the relations between the ex-partners, since that time Bogolyubov has completely distanced himself from Ukraine, and his return has become legally dangerous.
In November of this year, the High Court of England ordered the former owners of the now state-owned PrivatBank, Igor Kolomoiskyi and Gennadiy Bogolyubov, to pay the bank more than three billion dollars in compensation and court costs. But the escape of Bogolyubov will obviously complicate this process. And if the SBU proves that NABU detectives and the already detained Magomedrasulov and his subordinates contributed to the escape, it will be group responsibility.
Mindych: disappearance and isolation
Mindych, another influential member of the former group, left Ukraine and disappeared from the public field for reasons known to everyone. In various Telegram channels, suspicions against Timur Mindych are published today, which, according to commentators, somewhat resonates with the previously announced information in the media. https://t.me/volodymyrboyko/7529
In addition, it remains an open question why NABU did not detain Mindych at the border.
Why the empire “ Private » fell apart
Here it is worth noting a complex of reasons: the loss of PrivatBank’s main asset, the financial system disappeared, and with it the management structure and related businesses. The state took a course to dismantle oligarchic structures. The former partners stopped acting as a single team. Some of them, like Bogolyubov, became informants and bargaining chips in the hands of anti-corruptionists. It showed that the group had lost its unity and that the political fuses were no longer working.
The collapse of the Privat group » is a multi-layered story where the personal relations of Volodymyr Zelenskyi and Igor Kolomoiskyi could play a significant role. However, the financial empire that dominated Ukraine for more than two decades disappeared due to: the loss of key assets, global pressure, legal investigations, internal divisions, and miscalculations by the participants themselves. Former partners found themselves in different worlds – from pre-trial detention centers to Vienna and Israel – and returning to the past is no longer possible.
