Poroshenko Was Caught Trying to Earn About $500 Million From Illegal Constructions

Translated by Ollie Richardson & Angelina Siard



The president of Ukraine Petro Poroshenko and his political and business partner Igor Kononenko will earn about $500 million from illegal construction of elite real estate on the Rybalsky peninsula. This
 is stated in the investigation of the “Our Money” program.

Journalists found out that it is planned to build residential quarters on the territory of 40 hectares that is used by the “Kuznya on Rybalsky” plant belonging to Poroshenko.

“The plant is the user of more than 40 hectares of municipal lands on the Rybalsky peninsula where its rooms are located. According to the detailed plan of the territory, which contradicts the existing master plan of Kiev, residential quarters will be built on the sites of ‘Kuznya’ … In total on the territory of the plant 671,500 sq.m. of apartments and 221,000 sq.m. of non-residential premises are planned,” it is said in the investigation.

Journalists also considered how much Poroshenko and Kononenko can earn from this scheme.

“If they build and sell everything by themselves, the total profit will be about $535 million ($400 million from apartments and $135 million from the non-residential area). If the land is given in exchange for 12-15% of the apartments built in the future, then the profit will be $160-200 million. If all the land is sold, then the profit will be $80-100 million,” it is noted in investigation.

The main users of the land on the Rybalsky Peninsula:

1. 44.47 hectares – PJSC plant “Kuznya on Rybalsky”, whose beneficiaries are the President Petro Poroshenko and the People’s Deputy Igor Kononenko. On September 25th, 2018 the plant announced that its ownership would change. Later the group of companies “TAC” owned by the businessman and politician Sergey Tigipko confirmed that they are buying the factory.

2. 4.57 hectares – PJSC “Kiev River Port”, the beneficiary owners of which are Nestor Shufrych and Mikhail Brodsky.

The Kiev River Port has transferred the plot for sublease to the firm ‘Riverside Development Ltd’, headed by the former deputy director of the Department of Urban Development of the Kiev City State Administration Andrey Vavrysh.

3. 3.46 hectares – LLC “Rybalsky Complex”, whose founders are Andrey Kulik, Dmitry Prosin, and Marina Lutsenko. The firm got a lease in 2017.

4. 5.08 hectares – LLC “Interbus Group”, whose beneficiary is the businessman Pavel Fuks.

The owner of the “5th element” sports club is LLC “Monitor”, the beneficial owners of which are P. Poroshenko and I. Kononenko.

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