What happened to Ukraine’s richest men – from losing billions to prison

Ukrainian President Volodymyr Zelensky became a popular figure in Britain for staring down one of the world’s most powerful men; Russian president Vladmir Putin. But his willingness to take on a figure like Putin should have come as little surprise.

Zelensky’s ascent to power has been built on challenging the super-rich in his homeland.

Before he arrived on the scene businessmen with astronomical wealth-known as oligarchs-dominated politics in Ukraine and wielded great power in the economy.

Just like in Russia, many of these individuals came from humble backgrounds and generated their vast fortunes overnight by buying up state assets cheaply when they were privatised in the 1990s.

From owning media organisations to leading political parties, the men consolidated their power by putting their figures in a lot of pies.

As Timothy Ash, a strategist for Bluebay Asset Management told the BBC: “Nowhere in Emerging Europe, where countries have adopted the Westernising approach, are oligarchs as dominant as in Ukraine. Sure, you have a few, but they do not absolutely dominate the economy as in Ukraine.”

When Zelensky was elected on an anti-super-rich message it looked to be a worrying time for the oligarchs, although revelations about his own financial interests somewhat sullied the President’s vow to build a country without them.

Then came the war with Russia, an unexpected event that brought the focus of the world to the Eastern European nation.

However, Ukraine’s biggest oligarchs soon found the conflict hasn’t exactly quietened things down. From having their assets destroyed to being thrown into prison, it’s been an eventful war for the country’s richest men.

The oligarch most obviously affected by Russian tanks rolling onto Ukrainian soil is the nation’s richest person; Rinat Akhmetov.

Owning energy plants and steelworks within his vast empire was always likely to put his assets in the crosshairs. But the financial hit for the billionaire has been hugel. As Russia has destroyed his mining, steel and energy facilites an estimated $10 billion was wiped from his fortune. Tragically he’s also had 517 employees killed and 1,000 injured.

In a rare interview with Forbes, Akhmetov opened up about the impact of the conflict on his business empire known as SCM.

“The state of SCM companies is the same as the state of Ukraine’s economy. It is dire,” he told the famous American title.

“Part of [steel company] Metinvest’s assets have been severely damaged or temporarily occupied. The assets of our energy holding DTEK are exposed to constant shelling and Russian drone attacks.

“At the moment, Metinvest operates at 30 percent – 50 percent of its capacity because of the constant shelling and as a result of the occupation of the Black Sea area, including the ports.”

Akhmetov was keen to stress how he was backing his home nation, despite having the financial capacity to flee.

“I am staying in Ukraine just like many other Ukrainian people. I have not left Ukraine for a day. I have the same feelings as all Ukrainians. I wake up and go to bed, thinking only of victory of Ukraine,” he told Forbes.

In 2022, Akhmetov sued Russia in the European Court of Human Rights seeking compensation over the business losses since the invasion.

Ihor Kolomoyskyy is unusual in because he is often considered a Zelensky ‘ally’-the oligarch backer of the anti-oligarch candidate.

Part of the reason was that the Ukrainian President’s “Servant of the People” show was broadcast on the wealthy businessman’s TV network.

Since entering politics Zelensky has been forced to deny suggestions of his connection to the billionaire and it is fair to say Kolomoyskyy was weathering a bit of a storm before the conflict with Russia kicked off.

The billionaire, who made his money by founding PrivatBank with Henadiy Bogolyubov in the early 1990s, had his assets frozen by Britain’s High Court in 2017 and his bank nationalised after an investigation alleging decade-long fraud – the pair deny wrongdoing and say the case is politically motivated.

Last year things got a whole lot worse for Kolomoyskyy when he was arrested on fraud charges. Pictured in court wearing a blue tracksuit top, the billionaire looked less than impressed at the situation.

Since being remanded he has transferred control of his 1+1 Media group as being behind bars was affecting his ability to run the media business.

Kolomoyskyy’s business partner Henadiy Bogolyubov has also had his problems multiply since Russia launched its offensive.

Last year, the pair were sued in London’s High Court by the bank they used to own.

Setting out the case for Privatbank Andrew Hunter KC made some powerful statements “This case concerns fraud on an epic scale, covered up by money laundering on a vast scale perpetrated against the bank in 2013-14 by its former owners, Ihor Kolomoisky and Gennadiy Bogolyubov,” he said

“The fraud contributed to the failure of the bank in 2016 and its nationalisation in December of that year, following which an investigation led the bank – now under new ownership and management – to discover what had happened.”

Before the hearing, Bogolyubov hit the headlines for an expensive divorce deal.

The oligarch wanted to hand his wife “a minimum of £95 million” in a separation agreement.

Judges rejected the arrangement, which reportedly replaced a less generous pre-nuptial agreement, on the basis that the upcoming case with the bank could leave them liable for huge substantial sums of money.

Bogolyubov’s wealth has seen him acquire some of the most prestigious property in London including a £60 million family home on Belgrave Square and a £20 million house in Belgravia.

It certainly helped Zelensky’s campaign railing against oligarch influence that the man he was facing off against in the 2019 election was one himself.

Petro Poroshenko served just one term as the leader of the country before being ousted in a landslide election defeat.

Unlike other oligarchs whose fortune has been earned from an empire of power stations or powerful banking institutions, Poroshenko makes his money by selling around half a billion pounds-worth of chocolates, caramel, wafers, cakes and other confectionery in 35 countries.

Poroshenko, whose nickname is the ‘Chocolate King’, said he was blocked from leaving Ukraine last month.

The ex-President claimed he wanted to travel to Poland for negotiations to end a truckers’ blockade and then to the US in a bid to garner support for Ukraine’s war effort.

However, Ukrainian security services alleged that he was planning to meet Hungary’s Prime Minister Viktor Orban, known for his ties to Russia’s leader Vladimir Putin.

It’s not the first time since the conflict began that Poroshenko has found himself in hot water.

In 2022 he was hit with charges of treason which alleged his involvement in the sale of coal that financed Russian-backed separatists in eastern Ukraine seven years earlier.

He responded by claiming the case was Zelensky’s attempt to discredit him and that Ihor Kolomoisky was involved.