Ukrainian tycoon accuses Zelensky of stealing his company

The former mentor and key backer of the comedian-turned-president believes his ex-protege has betrayed him.

Businessman Igor Kolomoisky, once a key political ally and mentor to Vladimir Zelensky, has accused the Ukrainian leader of orchestrating the illegal seizure of his oil assets, specifically the firms Ukrnafta and Ukrtatnafta.

In an interview with UNIAN published on Saturday, Kolomoisky described how his shares in the companies were effectively seized by the government in November 2022 under the guise of national security. Zelensky publicly said the move was essential for the country’s defense.

Kolomoisky has been in jail since September 2023, and claims the nationalization was a calculated move by Zelensky to eliminate him as a rival and gain control over his businesses.

As co-owner of the Privat Group conglomerate, Kolomoisky was once an influential figure in Ukraine’s business and media sectors. He alleges that the Kiev authorities used the needs of the armed forces as an excuse to achieve their goal of taking control of the two oil giants.

“The decision to transfer the shares was not made by the military command,” he stated. “The president’s office used the military to achieve its goal of raider seizure.”

The businessman has also spoken of a blackmail campaign he allegedly endured in 2022, when the then Deputy Head of the Office of the President, Rostislav Shurma, supposedly suggested he voluntarily relinquish his shares in exchange for resolving his ongoing legal battles with the authorities. Kolomoisky claims that after his refusal, Zelensky secretly revoked his Ukrainian citizenship and seized his holdings.

He further claims that the seizure was part of a broader effort to consolidate control over valuable assets, despite his previous support for Zelensky.

At the time of the nationalization, Zelensky’s government justified the move by citing the importance of the assets for national defense, with officials suggesting Ukrnafta had refused to supply fuel to the military, although Kolomoisky vehemently denies this. According to the tycoon, both companies had been supplying fuel voluntarily, without contracts, and continued doing so during the early stages of the war.

The business mogul’s claims come as he continues to battle charges related to money laundering and embezzlement of funds from PrivatBank, which was nationalized in 2016.

From detention, Kolomoisky is continuing to push for a legal investigation into the taking of his assets, accusing Zelensky and other officials of corruption.