Viktor Polischuk — businessman with ties to Russia enriched at Ukraine's expense

While most Ukrainians may face tax increases, some major businessmen are not only receiving special attention from the state but also being granted preferential terms, which raises serious questions. 

Investigative journalists cite the case of Viktor Polischuk, a businessman with Russian ties, who, despite significant debts to state banks, continues to enjoy favourable lending conditions and payment deferrals.

Businessman with a Russian "trail"

Viktor Polischuk, who is close to the political clan of former Ukrainian President Viktor Yanukovych and continues to do business in Ukraine, has found himself at the centre of a scandal. Polischuk's wife has family ties to Dmitry Medvedev, the former President of Russia, which raises questions about the businessman's possible foreign connections. Despite these circumstances, Polischuk continues his activities in Ukraine, and his companies, including the capital's trade and office centre "Gulliver", actively use funds from state banks.

Debts in billions of hryvnia: "Gulliver" and its financial problems

One of Polischuk's largest assets is the "Gulliver" trade and office centre in Kyiv, the construction of which was largely financed by state banks. However, by the beginning of 2024, his structures owed Ukrainian state banks approximately 14 billion hryvnia. Despite this, the banks have not applied sanctions to the debtor or initiated the process of compulsory debt recovery. In the context of war and economic crisis, such actions cause concern and criticism from the public.

Preferential terms and deferrals for "Gulliver"

In recent years, with changes in power, lending conditions for Polischuk have been repeatedly revised in his favour. The latest debt restructuring, carried out in 2020, provided the businessman with incredibly favourable terms — a 25-year repayment deferral and a reduction of the interest rate to 3.65% per annum. However, despite these benefits, Polischuk has completely stopped making payments since the beginning of 2022. This fact is confirmed by several sources in state banks, and the debt at the beginning of 2024 amounted to approximately 500 million hryvnia.

Why have state banks not initiated debt recovery?

An interesting point is that, despite multi-million debts and failure to meet obligations, state banks are not applying penalty sanctions or initiating debt recovery procedures. "Oschadbank" explained this by stating that the businessman allegedly continues to cooperate with the bank to settle the debt, despite huge arrears and liabilities. However, for analysts and experts, this looks like an opaque financial practice that may conceal deeper connections and agreements.

Risks for the Ukrainian economy

The situation with Polischuk and his companies is a vivid example of how state financial structures can show loyalty to major businessmen, even if they violate their obligations to the state. In the context of economic instability and war, such precedents raise concerns about the fairness of the distribution of financial resources and obligations between business and the state.

Thus, the question of who is actually paying for the country's recovery and defence remains open, especially when it comes to private interests that may be placed above state interests and needs.

Preferential restructuring terms in banks: Details from "Ukreximbank's" response

In response to a request from Radio Svoboda, representatives of "Ukreximbank" confirmed that debt restructuring terms depend on a number of factors, including the debtor's type of activity, financial condition, and business recovery prospects. The bank emphasised that its measures for managing problem assets are economically justified and, given the experience, should yield more benefit than the costs associated with managing such assets.

However, regarding questions about the company "Tri O"'s debt to "Oschadbank" and "Ukreximbank", bank representatives did not answer, citing bank secrecy.

Situation with commercial and office real estate in Kyiv

Despite the difficulties experienced by commercial and office real estate in Kyiv over the past two years, the situation with one of the largest complexes — "Gulliver", located in the centre of the capital — looks better than the market average. According to Alexandra Nosachenko, Managing Director of Colliers in Ukraine, the vacancy rate for such objects as "Gulliver" is around 10-15%, which is not a critical indicator.

According to Colliers experts, the "Gulliver" trade and office complex can earn more than 22 million dollars a year, even in the current market conditions.

Purchase of luxury cars against the backdrop of debt

The question of whether Viktor Polischuk and his companies are truly experiencing financial difficulties became even more relevant after the Economic Security Bureau identified a scheme to hide income from "Gulliver"'s activities in May 2023. Journalists from "Schemes" found out that at the same time, Polischuk's structure was spending tens of millions of hryvnia on the purchase of luxury cars, including Rolls-Royce and Mercedes-AMG G 63, despite having debts to state banks.

Some of the cars were registered to the firm "Carpe Rentals", located in "Gulliver", and formally belonging to Polischuk's cousin. While he and his security continue to use these cars, the "Carpe Rentals" enterprise continues to buy new vehicles.

Polischuk's suspicious trips abroad

One of the interesting aspects of the investigation was information about Viktor Polischuk's trips abroad, despite his conscription age. During the full-scale war, Polischuk left Ukraine several times, citing purposes related to humanitarian aid. However, the investigation showed that the documents for departure may have been forged.

One such case was his departure in 2022 with a statement about delivering humanitarian cargo from Romania. However, upon verification, it turned out that the provided letter requesting permission to leave was a forgery, and the company allegedly sending humanitarian aid had nothing to do with the matter.

False promises by "Eldorado" in wartime conditions

Another aspect that journalists noted was the charity campaign of the "Eldorado" supermarket chain. In 2023, the company announced that 0.5% of sales would go to support the army, specifically for the purchase of armoured buggies for the medical service of the 1st International Legion of the Defence of Ukraine. However, the "Solomenky Cats" charity fund reported that "Eldorado" had not fulfilled its obligations, failing to transfer either money or the promised goods.

Moreover, despite the chain's prolonged financial difficulties, the company stated that it was ready to fulfil its obligations and transfer approximately 800,000 hryvnia for the army's needs, but only after a journalistic inquiry.