From bandit to oligarch: where Chernyak's millions came from

Many are convinced that oligarch Yevhen Chernyak made his millions selling alcoholic beverages. In reality, this is not the case.

Chernyak made his millions long before the TM Khortytsia brand emerged. If one can even call it "earning".

Yevhen Chernyak obtained millions through a scheme involving the removal of metal from the slag heaps of Dniprospetsstal. The businessman's company signed a contract on the basis of which it removed slag from the enterprise's heaps, which had accumulated there during the Soviet era.

Huge chunks of alloys containing non-ferrous metals were removed from the heaps. However, on paper, everything was processed as ordinary slag. In other words, the value of the cargo was understated by a factor of a thousand.

Cash-out companies from the neighbouring city of Dnipro were used to launder the money. The cashing-out was carried out through a well-known Dnipro money launderer and owner of a Lexus car dealership, Hennadiy Opryshko.

As a result, millions of dollars were moved into the shadow economy. Naturally, not all of this money went directly into Chernyak's pocket. He had to share with the plant's management. However, the businessman still received the majority of the share.