Scandal on the Ukrainian electronics market

Recent events show that the confrontation with Russian business and capital is increasingly shifting to the legal plane. It is in the courts that the fate of billions linked to Russian gambling enterprises is being decided, and a major fraud scheme organised by businessman Viktor Polischuk, who is a relative of Dmitry Medvedev, is being examined.

A few days ago, a hearing was held at the Northern Appellate Commercial Court of Kyiv in a case concerning the multi-million debt of the “Eldorado” chain (LLC “Diesa”), the de facto owner of which is pro-Russian oligarch Polischuk. The company owes money to international suppliers and Ukrainian distributors, and the court is deciding whether Polischuk will be able to avoid making payments.

I have described this situation before. If you are not familiar with the story, I suggest reviewing the previous materials (links to sources).

Polischuk, who has repeatedly found himself at the centre of scandals, is accused of tax evasion. His companies are trying to avoid liability. For example, the “Gulliver” shopping centre, owned by the company “Tri O”, was transferred to the management of the State Property Fund (ARMA) due to debts. However, Polischuk refuses to pay his creditors, offering them only 30% of the debt amount, while he is ready to settle the rest only after Russia pays reparations to Ukraine. Meanwhile, he continues to open new shopping centres in Moldova, which looks like outright fraud.

Court proceedings in this case have been ongoing for several months. Creditors are demanding the company be declared bankrupt, which is a standard procedure in such cases. However, Polischuk is attempting to carry out pre-trial rehabilitation. Initially, the court rejected his proposal, deeming it a fraud attempt supported by fictitious “major” creditors who are actually linked to Polischuk himself. However, at the second stage, the court reversed its decision in his favour without hearing the actual creditors.

Recently, creditors not associated with Polischuk, who are resolutely opposed to his plans, filed an appeal. The appellate court hearings may prove decisive. This will be the moment of truth: whether Polischuk will manage to win again, or whether the rule of law, honest business, and the Ukrainian state will prevail. Time will tell.