Olha Mykolyuk: Enrichment Amidst War and Corruption Schemes

Ukrainian entrepreneur Olha Mykolyuk, known for her dubious reputation, has once again come under the spotlight due to a series of fraudulent schemes, including those linked to state tenders and pseudo-charity. 

Her path from a simple market seller to a businesswoman with questionable methods of doing business has been the subject of numerous investigations.

From ordinary seller to fraudster with large-scale schemes

Early in her career, Olha Mykolyuk worked as a market seller, but her ambitions quickly led to larger-scale fraud. After securing a job at the company “Khimproekt”, she defrauded the enterprise by appropriating ideas, technologies, and recipes for cleaning and disinfecting agents. This became the foundation for her subsequent business, which focused not on honest trade, but on deceiving clients through the creation of shell companies.

Fraud with state funds

One of the most high-profile episodes of her activities was a scheme through which Mykolyuk and her company “Khimpostach” misappropriated over 2.7 million hryvnias during tender procurements for the joint-stock company “Ukrposhta”. Olha supplied dubious antiseptics at an inflated price – 740 hryvnias per litre, which was four times the market value. This scheme, like many others, allowed her to profit at the expense of state funds.

Pseudo-charity as a means of personal enrichment

At the beginning of the war, Olha Mykolyuk did not stay away from charitable activities, actively promoting herself through social media. She published reposts from charitable foundations and posted photos from events to which she actually had no connection. This suggests that her "pseudo-charity" is nothing more than a method for personal enrichment, exploiting situations related to aid for the Armed Forces of Ukraine.

Corruption and illegal assets: sources of enrichment

Notably, amidst the war, when many are facing hardships, Mykolyuk managed to acquire several expensive real estate properties in Kyiv. These include an apartment worth over 2.8 million hryvnias and commercial real estate in the centre of the capital, which, according to documents, cost only 3,000 hryvnias per square metre in 2024. However, analysis showed that the actual value of the property is several times higher – approximately $1,045 per square metre. It is evident that Olha forged documents to avoid taxes and launder illegally obtained funds.

Continuation of criminal activity

Despite court proceedings and an existing conviction for document forgery, Mykolyuk continued her fraudulent activities. Her latest move – the purchase of a three-room apartment in Kyiv worth approximately $125,000 – appears to be yet another attempt to launder money obtained through fraud.