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Russian court says it confiscated assets allegedly linked to oligarch Kolomoisky

by Kateryna Denisova and The Kyiv Independent news desk March 6, 2024 9:55 AM 2 min read
Ukrainian business tycoon and one of Ukraine's most famous billionaires, Ihor Kolomoyskyi, was arrested with the right to post bail in the amount of half a billion hryvnias after being suspected of fraud at a court hearing in Kyiv on September 2, 2023. (Maxym Marusenko/NurPhoto via Getty Images)
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The District Court of the Russian Republic of Adygea approved the seizure of the assets linked to Ukrainian oligarch Ihor Kolomoisky on March 5, according to the press service of Russian courts' statement on Telegram.

The court claimed Kolomoisky is a member of the British mining company JKX Oil & Gas Limited, which it labeled as a part of an "extremist group whose actions were clearly anti-Russian in nature." The company said last November that Kolomoisky "no longer has any direct or indirect interest" in the firm.

The list of confiscated assets includes 100% of the shares in the authorized capitals of Yuzhgazenergi and Catering-Yug worth over 5.1 billion rubles (about $55 million), a building and six premises in Moscow, and about 500 land plots in four Russian oblasts worth over 6 billion rubles (about $66 million).

The Russian court accused Kolomoisky of supporting the new Ukrainian government after the Revolution of Dignity in 2014 and providing financial support to the Ukrainian Armed Forces, among other claims.

Kolomoisky, one of Ukraine's most well-known business tycoons, was arrested in Ukraine on Sept. 2, 2023, for alleged fraud and money laundering related to his oil and gas holdings. His bail was initially set at Hr 509 million (now $13.2 million).

On Feb. 28, the Shevchenkivskyi district court extended Kolomoisky's detention for another two months but reduced his bail to Hr 2.4 billion hryvnias ($62.5 million).

Kolomoisky, aged 61, has repeatedly complained about his health issues while in detention. His petition to change the terms of his pretrial detention to house arrest due to his health issues was denied last November.

Oligarch Kolomoisky is behind bars. How did he get there and can he find a way out?
Ihor Kolomoisky’s recent arrest is the latest episode in a prolonged, hard-fought slide from grace for one of Ukraine’s most notorious oligarchs. At his height, he governed a region, controlled huge chunks of multiple industries, made good use of his massive TV network, and a cadre of loyal politic…
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