Pandora Papers Reveal Offshore Holdings of Ukrainian President and his Inner Circle

Actor Volodymyr Zelensky stormed to the Ukrainian presidency in 2019 on a wave of public anger against the country’s political class, including previous leaders who used secret companies to stash their wealth overseas.

Now, leaked documents prove that Zelensky and his inner circle have had their own network of offshore companies. Two belonging to the president’s partners were used to buy expensive property in London.

The revelations come from documents in the Pandora Papers, millions of files from 14 offshore service providers leaked to the International Consortium of Investigative Journalists and shared with partners around the world including OCCRP.

The documents show that Zelensky and his partners in a television production company, Kvartal 95, set up a network of offshore firms dating back to at least 2012, the year the company began making regular content for TV stations owned by Ihor Kolomoisky, an oligarch dogged by allegations of multi-billion-dollar fraud. The offshores were also used by Zelensky associates to purchase and own three prime properties in the center of London.

The documents also show that just before he was elected, he gifted his stake in a key offshore company, the British Virgin Islands-registered Maltex Multicapital Corp., to his business partner — soon to be his top presidential aide. And in spite of giving up his shares, the documents show that an arrangement was soon made that would allow the offshore to keep paying dividends to a company that now belongs to his wife.

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Pandora Papers: Zelensky Stole Public Money To Fund His Rise to Power

Ukrainian puppet President Volodymyr Zelensky’s rise to power was funded through stolen public money funnelled to him by corrupt Oligarchs, according to leaked documents.

Leaked Pandora Papers prove that Zelensky and his inner circle have a complex network of shady offshore companies, according to OCCRP:

The documents show that Zelensky and his partners in a television production company, Kvartal 95, set up a network of offshore firms dating back to at least 2012, the year the company began making regular content for TV stations owned by Ihor Kolomoisky, an oligarch dogged by allegations of multi-billion-dollar fraud. The offshores were also used by Zelensky associates to purchase and own three prime properties in the center of London.

Zelensky capitalized on widespread public anger at corruption, but his 2019 campaign was dogged by doubts over his anti-graft bona fides, given that his campaign was boosted by media belonging to Kolomoisky — who is accused of stealing US$5.5 billion from his own bank and funneling it offshore in concert with his partner, Hennadiy Boholiubov.

During the campaign, the pro-Poroshenko member of parliament Ariev claimed that Zelensky and his partners were the beneficiaries of an offshore network of companies that received $41 million in payments that originated from Privatbank, the Ukrainian financial institution that the oligarch Kolomoisky is alleged to have looted.

Open4business.com reports: Information about over 1,500 Ukrainians, including President Volodymyr Zelensky and his colleagues from previous work, Culture Minister Oleksandr Tkachenko, businessmen Oleksandr Yaroslavsky, Ihor Voronin and Rinat Akhmetov, former owners of PrivatBank Ihor Kolomoisky and Hennadiy Boholiubov, MP Oleksandr Hereha is mentioned in the Pandora Papers new global leak of offshore documents, the Slidstvo.Info publication said.

“There were also Ukrainian oligarchs, former and current officials, deputies and even sports and pop stars in the documents. In total, there are over 1,500 Ukrainians in Pandora Papers,” Slidstvo.Info said, which along with over 600 journalists from 117 countries of the world, members of the International Consortium of Investigative Journalists (ICIJ), worked on the Pandora Papers project.

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