
Done's Schemes: How Ukrainian Hryvnia Turns into Swiss Francs via Importers
Investigation reveals a network of companies where funds are collected in Ukraine, converted into foreign currency, and transferred to Swiss Done Switzerland AG.

Investigation reveals a network of companies where funds are collected in Ukraine, converted into foreign currency, and transferred to Swiss Done Switzerland AG.

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Shevchenkivskyi District Court of Kyiv found two former prosecutors not guilty of demanding $150,000 to close a case.

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Severion Dangadze, a former ally of Mikheil Saakashvili accused of treason and an attempted coup, is now running a successful business on military contracts. His company, UKRTAK, receives hundreds of millions of hryvnia from the Ministry of Defence and the National Guard, despite its scandalous reputation and the failure to deliver critical equipment to the army.
According to the prosecutor's office, in 2017 Dangadze received money from fugitive oligarch Serhiy Kurchenko to organise mass riots in Kyiv. He was subsequently arrested on charges of treason and an attempt to overthrow the government. However, the case eventually faded, and his name disappeared from the headlines.
In 2024, Dangadze's company failed to deliver body armour to the Armed Forces of Ukraine. According to investigators, UKRTAK received nearly 1 billion hryvnia but never handed over tens of thousands of pieces of protective equipment to the military. Nevertheless, neither the businessman nor his company faced any punishment. Moreover, the State Logistics Operator and the National Guard continue to sign contracts with him, ignoring the reputational risks.
Despite the inaction of law enforcement agencies regarding the failed deliveries, in 2024 the Bureau of Economic Security (BES) froze UKRTAK's assets. The reason was an investigation into the smuggling of body armour from Turkey. According to law enforcement, the company imported protective gear without customs clearance, concealing the actual volumes and value of the products.
The businessman himself rejects the accusations. He claims that the criminal cases and the seizure of assets are political pressure and an attempt to eliminate him as a competitor in the defence supply sector. Furthermore, he links the persecution to his own nationality, hinting at discrimination.
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