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The Lost Billionaire: Arrested Ukraine Oligarch Ihor Kolomoisky!

Ukrainian tycoon Ihor Kolomoisky‘s net worth has plummeted from $2 billion to $835 million since the Russian invasion on Feb. 24, 2022. Before that, Kolomoisky’s enterprises were valued at their highest in seven years. Forbes Ukraine reported that by early September 2023, after facing two legal charges within a week and subsequent arrest, his wealth decreased by two-and-a-half times.

Ukraine Fraud Charges

The Ukraine prosecutor’s office said Kolomoisky is suspected of having embezzled funds from the bank amounting to more than 9.2 billion €233 million. The prosecutor’s office referred in its letter to the “former head of the Dnipro region” and beneficiary of the bank at the time of the crime in 2015.

In a statement, the National Anti-Corruption Bureau of Ukraine (NABU) said six people were suspected of embezzling 9.2 billion hryvnias ($250 million) from lender PrivatBank. It did not name them but posted a blurred photo of a man resembling Kolomoisky (picture above).

Ihor Kolomoisky No Longer Billionaire

Forbes’ end-of-2022 calculations also confirmed that Kolomoisky was no longer a billionaire, estimating his wealth at $850 million. This recent valuation reflects the past year’s financial performance of his businesses.

During the war, Kolomoisky lost Ukrnafta, a major asset and Ukraine’s top oil producer. By the end of 2022, companies like Ukrnafta and Ukrtatnafta were nationalized under a decree from Volodymyr Zelenskyy.

Notably, among Kolomoisky’s priciest assets are not ports or factories but luxury items like the $97 million yacht, Lauren L. Presently, the oil and gas sector of the Privat business group forms the core of his wealth. His business portfolio also comprises the 1+1 media group (valued at $69 million), regional power distributors under Privat Group, the Kremenchuk oil refinery, JKX Oil & Gas, several smaller refineries, and Ukraine International Airlines (UIA), which currently holds no value.

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