Former President of Ukraines Illicit Assets Acquired by Two Oligarchs

By in

USD $160m (~€130m) of the assets of Viktor Yanukovych, ousted former president of Ukraine, consisting of bonds and cash, currently frozen in Cyprus upon the request of the Ukrainian Authorities for suspicions of misappropriation, have been acquired by gas-tycoon Alexander Onyschenko and real estate tycoon Pavel Fuchs.

Consideration for the illegal deal to purchase the Cyprus-based company Quickpace Limited, owner of the assets mentioned above, amounted to USD $30m, including cash and a private jet, payable to fugitive Ukrainian gas tycoon Serhiy Kurchenko.

International news reporting agency which investigated and reported on the illegal deal suggests that the documents which were examined, while they made no explicit reference to the former Ukrainian leader, “reveal how Yanukovich’s clan pumped stolen money into companies in Ukraine with bank accounts in Latvia and gradually passed it through dozens of offshore shell companies in Cyprus, Belize, BVI and other money-laundering hotspots including the UK”.