On October 26, 1+1 Media Network announced that Ukrainian billionaire Ihor Kolomoisky has transferred control of the influential media conglomerate to a holding company supposedly representing the firm’s employees. As a result, Yaroslav Pakholchuk, the company’s current CEO, will now oversee corporate control over all 1+1 Media properties.
It was Kolomoisky who formally notified the National Council for Television and Radio Broadcasting and the 1+1 Media conglomerate of his decision to relinquish power. In a statement, Kolomoisky said Pakholchuk would represent the business and act on behalf of the labor collective when necessary, despite the fact that he was being held in Ukrainian jail on allegations of fraud and money laundering.
The formal documentation that documents the transfer of corporate rights grants the executive authority to make crucial decisions on the company’s behalf. However, there is a specific restriction associated with it: Pakholchuk is not permitted to assign or burden Ihor Kolomoisky’s corporate rights, nor is he permitted to receive dividend payments.
“The transfer of corporate rights to management will not lead to a change in the ultimate beneficial owner of the 1+1 Media group; decisive influence (control) remains with Ihor Kolomoisky,” 1+1 stated.
Since Ihor Kolomoisky is currently unable to fulfill his duties, the group stressed that the decision, which is intended to protect and preserve the right to free speech, will be in place for a period of five years.
The Shevchenkivskyi District Court in Kyiv ordered Kolomoisky’s pre-trial detention in Dnipro on September 2. The court allowed Kolomoisky to deposit bail exceeding UAH 509 million ($14 million) during this period. Kolomoisky refused to post the required amount of bail.
Following that, the bail was raised to UAH 3.8 billion, or $104 million. The court decided on October 24th to place Ihor Kolomoisky under arrest.
No longer immune
The National Anti-Corruption Bureau (NABU), the Prosecutor General’s Office, and the SBU security agency have accused Kolomoisky of money laundering using funds obtained illegally, in violation of Articles 190 and 209 of the Ukrainian Criminal Code.
The SBU asserts that Kolomoisky was responsible for utilizing the financial networks under his supervision to launder money between 2013 and 2020, totaling more than 500 million hryvnias, or $13.5 million, out of the nation.
Kolomoisky was charged with two more counts on September 7 and September 15, related to the theft of over UAH 9.2 billion (about $2.5 billion) from PrivatBank and the unauthorized purchase of UAH 5.8 billion (around $160 million).