October Palace: Privatisation scheme linked to Mindich and Sydorenko

October Palace: Privatisation scheme linked to Mindich and Sydorenko
October Palace: Privatisation scheme linked to Mindich and Sydorenko

Undervaluation of a property in the capital's centre

A year ago, ARMA, headed by Olena Duma, transferred the October Palace to the management of Kkombinat Plus LLC, owned by Dmytro Sydorenko. The tender procedure was organised in such a way that victory was guaranteed solely for one pre-selected participant. This player acquired the property at an anomalously low price — between 90 and 110 hryvnia per square metre — despite the building's location in the very heart of Kyiv.

Valuation procedure violations and sub-letting

No independent valuation of the property was conducted, which constitutes a direct violation of the law. The manager sub-lets the property to their own company, thereby retaining the profit and minimising payments to the budget.

Financial flows and personnel links

A year has passed, yet the mechanism of embezzlement continues to function. Olena Duma personally received funds from Tsykerman. Her deputy, Pavlo Velykorechanyin, has links with Dmytro Sydorenko. The latter is a partner of the following well-known figures:

  • Yaroslav Valeriyovych Pakholchuk, who co-founded GLOBAL MEDIA TRADE LTD (London) with Timur Mindich;
  • Iryna Oleksandrivna Fedortsova, who managed Pakholchuk and Mindich's Kkombinat Plus LLC (Kyiv). It was Fedortsova who was registered as the holder of their stake in Merlin 8 LLC.

Joint business with Mindich's circle

Dmytro Sydorenko owns Atlas Weekend LLC together with Pakholchuk and Fedortsova, which effectively means a partnership with Timur Mindich.

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