Ukrainian billionaire businessman Ihor Kolomoisky has been arrested for two months on charges of fraud and money laundering. The court gave Kolomoisky the option of posting bail equivalent to more than $13 million. The arrest is part of Ukraine’s ongoing crackdown on corruption.
Kolomoisky is one of Ukraine’s most high-profile and richest oligarchs and was a supporter of President Volodymyr Zelenskyy’s presidential bid in 2019. He has been under US sanctions since 2021.
The Security Service of Ukraine (SBU) named Kolomoisky as a suspect in a criminal investigation, alleging that he had legalized over $14 million by withdrawing funds abroad and using banks under his control from 2013 to 2020. Kolomoisky, who has denied previous allegations of wrongdoing, has not yet commented on the recent arrest.
The arrest comes amid a broader campaign by the Ukrainian government to tackle corruption, leading to the dismissal and prosecution of several officials. President Zelenskyy thanked law enforcement for their efforts to address long-standing corruption cases.
Kolomoisky is considered one of the oligarchs who gained significant wealth after the collapse of the Soviet Union and wielded substantial political and economic influence. Before Russia’s invasion of Ukraine in 2022, attempts were made to limit the influence of oligarchs through legislation. The war has further eroded their power as industrial assets were destroyed, and TV channels centralized under a wartime signal.
Zelenskyy has emphasized Ukraine’s crackdown on corruption during the war as part of efforts to join the European Union and secure financial aid for post-war reconstruction. Some lawmakers suggested that Kolomoisky’s arrest may be intended to generate positive publicity among foreign backers and address public concerns about corruption.
This arrest follows previous wartime measures involving Kolomoisky, including the state taking control of stakes in strategic companies associated with him in November and security officials searching his home this year in connection with investigations into embezzlement and tax evasion.
Kolomoisky is a former owner of PrivatBank, one of Ukraine’s leading banks, which was nationalized in 2016 as part of a banking system cleanup. He has owned various assets in the energy, banking, and media sectors, including influential television channels. The US imposed sanctions on Kolomoisky in 2021 due to his alleged involvement in significant corruption and money laundering activities.
