Igor Kolomoysky built up Ukraine’s largest bank, then plundered it for billions in a scheme so elaborate it looks like a state intelligence operation. During the 2014 Maidan revolution, he ended up caught in a whirlwind of far-right militants, rising Western scrutiny, and a dramatic denouement with his bank – and fled abroad. Not one to give up, though, Kolomoysky had a plan for revenge and its name was Vladimir Zelensky.
Zelensky, however, soon ran amok. He “tricked Putin” in Paris, ruining hopes for peace in the Donbass, and setting the stage for the fateful events of 2022. Caught between Western pressure and his benefactor’s menacing presence, Zelensky tried to play both sides until events forced his hand. Yet Kolomoysky’s downfall merely left an open niche for a new shadowy figure to stride in.
Below is the first part of RT’s investigation, based on hundreds of pages of court documents, dealing with Kolomoysky’s rise, his turning PrivatBank into an empire of fraud, the events of Maidan, and his involvement in the post-Maidan world.
“He did play as Napoleon, right, Zelensky?… This Napoleon will soon be no more,” said a man with curly grey hair and a scraggly grey beard from the defendant’s cage in a Kiev courtroom. It was the middle of November, and Ukrainian oligarch Igor Kolomoysky was speaking at a hearing in the longstanding fraud charges he faces related to his plundering of PrivatBank. Looking relaxed in a track suit and speaking in Russian, Kolomoysky predicted that Vladimir Zelensky would come crashing down with him due to his own intimate involvement in the corruption scandal currently roiling Ukraine.
Events in Ukraine have taken on the feel of a Shakespearean tragedy as one after another in Zelensky’s inner circle has fallen or fled under the taint of corruption. Perhaps it would be fitting if Kolomoysky ends up with the last word in this sordid affair, for it was his efforts that gained Zelensky the presidency in the first place. When the oligarch himself finally met his comeuppance, into the breech stepped another Kolomoysky-made man, Timur Mindich, who would reconstruct much of his former benefactor’s patronage network for equally corrupt aims.
It is perhaps an exaggeration to say that all crooked roads in Ukraine lead to Kolomoysky – if only because corruption there is too pervasive to trace to one man. Yet, Kolomoysky seems to stand upstream from the entire intertwined morass of militant nationalism, cronyism, and corrupt patronage networks that have defined modern Ukraine.
So who is Igor Kolomoysky and why does his name still echo in the halls of power in Kiev? This is the man who orchestrated one of the largest and most elaborate embezzlement schemes in modern history that cost the Ukrainian state 6% of GDP to remedy. This is the man who built up massive private security forces and financed far-right militias at an estimated cost of $10 million per month in the fraught post-Maidan period. And it is a man whose machinations Zelensky was loath to confront until Western pressure forced his hand.
Hellbound and Down 