The Main Intrigue of PrivatBank’s Nationalization: Will the US Take Back the Money That Kolomoisky Stole from Them?

Translated by Ollie Richardson & Angelina Siard


The news about the nationalization of “PrivatBank” is not very surprising, after “Cyberberkut” published talks between Poroshenko and Biden, concerning the allocation of IMF loans. When it became clear that the nationalization of the bank of Kolomoisky is one of the requirements of the IMF, what happened next was natural.

The US and the IMF for a very long time looked at the situation of “PrivatBank”. The calculations for the nationalization of “PrivatBank”, which featured a total of about 100 billion for this campaign, I saw already a year ago. Why did the Americans believed that it was necessary to do it? Because Kolomoisky used “PrivatBank” to constantly pull money from the Ukrainian budget. Due to the high interest rates on deposits, “PrivatBank” became the #1 Bank for the deposits of the population. It collected deposits, despite the absence of profit. Then Kolomoisky put pressure on the government, the national bank: if you give me no refinancing it will be the collapse of the banking system. He was involved in this racket engaged already at the time of Yanukovych.

The Ukrainian National Bank all the time was forced to print more money and allocate it to Kolomoisky. If we recall, the first collapse of the hryvnia was a time when Kolomoisky got the first refinancing after Maidan. And, please note: he received refinancing under the guarantee of his Crimean assets. I.e. knowing already that his estate in Crimea will be nationalized, he managed to give this property as a deposit to the national bank, evaluating it ten times more than it really cost, and to receive hryvnias under the deposit of this property that he sent for purchasing foreign currency. By this he, of course, caused the collapse of the hryvnia.

Kolomoisky all the time used the budget of the National Bank as a “cash cow”. Americans were tired of allocating money just for it to migrate into the pocket of Kolomoisky. If you look at the capital of our oligarchs, the state of assets and liabilities of Kolomoisky is radically different from what happens with other oligarchs. All Ukrainian oligarchs are bankrupt. They all have an amount of liabilities (i.e. loans) much higher than their amount of assets. The oligarchs are beholden to commercial banks, mostly foreign. Why were they forced to support Maidan? Because they had loans in all foreign banks. For Kolomoisky, the situation is different in that all the liabilities are the deposits of the population. For several years Kolomoisky funnelled money to entities connected to him, then his company extorted funds abroad. In several years over one billion dollars was pumped from the budget.

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Forbes magazine very often prints the ratings of the oligarchs. When they write that the net worth of one or another billionaire is 2 billion or 10 billion, it is the value of the objects that they own. But no one makes a list of the amount of loans that they have. And if it is listed, it turns out that they are bankrupt. Kolomoisky is also bankrupt, if he’s forced to return all the money he extorted from the population through “PrivatBank”, but it is clear that he does not have the desire to return it.

Kolomoisky did not fight strongly against the nationalization of “PrivatBank”. Why? Because for him the main thing now is not the possession of “PrivatBank”. Of course, he would like to continue to use “PrivatBank” as a “cash cow”, as a means of siphoning money from the government. But there is no money now in PrivatBank. The government does not want to continue to give money. There isn’t much sense in Kolomoisky fighting for it. On the contrary, it is a good occasion to return PrivatBank to the state together with all debts. That’s why the main intrigue surrounding the nationalization of PrivatBank is not only in the nationalization, but also in what will happen next. The intrigue is: will the government of Ukraine, forced by the Americans, or the Americans themselves continue to recover the stolen money from Kolomoisky? The money that came in Ukraine in the form of IMF loans and then siphoned by Kolomoisky into his pocket is eventually American money, and it’s quite possible that US themselves can start to search the money of Kolomoisky. I have serious doubts that our corrupt Ukrainian government will search for what was stolen. I repeat: the main intrigue of the nationalization of “PrivatBank” will the Americans to recover the stolen money from Kolomoisky?

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So, for several years Kolomoisky was only doing one thing: withdrawing money and shifting it from account to account. But today, it’s possible to hide money from Americans in Russia or in China. China will not hide Kolomoisky’s money, without the consent of Russia. That’s why in the event the Americans will start the search of Kolomoisky’s money, he will have a last opportunity: to turn to Russia. And then Russia can remember about Kolomoisky’s assignment of awarding Nazis a prize for every captured Moskal, about Kolomoisky involvement in the arson at the House of Trade Unions in Odessa, and on the financing of criminal fascist battalions.

The question arises. Kolomoisky is a major representative of not only financial institutions, but also a major figure of the European Jewish movement and he is the leader of and participant in many Jewish organizations. Does it mean that the tribesmen “flush” Igor Valerievich?

Who wants to allocate money to the functioning of the Ukrainian state and to see that someone is shamelessly “mastering” them. Will Kolomoisky find a way to avoid being investigated regarding how and by who the money was stolen or, will it be the beginning of his end? Now he has legal proceedings in US courts, moreover he is the subject of a lawsuit with one of the Jewish businessmen, which imposes the arrest of the property of Kolomoisky in the United States. Kolomoisky lost in courts proceedings against Pinchuk in London. There are also court proceedings with “Tatneft”. If now the global financial authorities will order to “catch” the money of Kolomoisky, it will be for him the end. If he gets out of this, it is necessary to say that he made a great deal, and withdrew all the money he could from the budget, gutted the pockets of the population of Ukraine, withdrew it freely, and returned an empty bank gave to the government. And actually sold the same thing twice.

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It must be understood that once Kolomoisky robbed the people, having collected people’s deposits. Now the second robbery will come when the state will return loans to IMF using collected people’s taxes. If I was in the position of depositors of “PrivatBank”, I would try quickly to take the money back as soon as possible. We must understand that the government will print money, and the hryvnia may collapse. The sooner the population will be able to buy dollars with hryvnia taken back from “PrivatBank”, the more secure it will feel.

Well, Kolomoisky will now do everything to look like an innocent creature. Maybe he’ll even pay for an appropriate PR campaign. He will be the loudest to cry: “stop thief!”, pointing in the direction of the government.

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