Published On: Tue, Feb 12th, 2019

How Boris Lozhkin maintained another unfair financial machination with UMH

We all know Boris Lozhkin as a fellow from the Presidential Administration, successful businessman, and principal of the UMH media holding. And that’s he who became incredibly rich after the sale of this organization. However, the UMH deal became the first step on the way to the end of his political career. Read on to find out more about this case.

Boris Lozhkin and a new scandal

How it All Began

Boris Lozhkin’s giant corporation united famous Ukrainian media sources like “Europa Plus”, “Autoradio”, “Menu TV”, “Forbes”, “Arguments and Facts”, “Vogue”, etc. The purchasing of such a huge company is an important step and the parties were preparing for it for almost a year.

Everything started with Sergey Kurchenko’s and Viktor Yanukovich’s talk concerning the rumors concerning the President’s environment which were provided by media. “Correspondent”, the UMH journal, published a few articles about Yanukovich’s and his friends’ bandit operations. So, they dared to punish and grab the magazine somehow. They even invented the scheme which let them buy the entire corporation almost free of charge.

When Boris Lozhkin was informed about their plans, he wasn’t upset. Actually, he was expecting this situation. The truth is, he planned this situation to the tiniest detail.

The Most Profitable Deal

It was a complicated mission, and the preparation for the purchase extended for 8 months. Parties invited 20 lawyers and 5 juridical companies. Moreover, this event was accompanied by the high-powered people of Ukraine: Petro Poroshenko, Rinat Akhmetov, Surkis brothers, Viktor Pinchuk, Gennadiy Bogolyubov.

They tried to create a transparent picture and reached for a good result. Boris Lozhkin showed the documents confirming the origin of finances from the audit organizations and the National Bank of Ukraine. Surprisingly, the Austrian “Raiffeisen Bank” approved transactions.

It had a chance of being a great fair operation but who’ll pay taxes in case the sum is about 300 million USD? So, they invited Igor Mazepa, the Concorde Capital owner, to maintain the scheme with minimal losses. He suggested Kurchenko take credit at Ukreximbank and pay for this purchase. Boris Lozhkin took his money and this is how they made the Ukrainian people pay for their operation. None party paid taxes or loaned back.

How They Avoided the Justice

image alt: Boris Lozhkin and his high-power friends

In 2015, the unexpected news from Austria shattered Boris Lozhkin’s calm. Their prosecution officers were conducting the investigation concerning the origin of 130 million USD he wanted to transit through the Raiffeisen Bank’s accounts. There was no information that these finances are legal.

The Austrian officers found out that Kurchenko used the money on the illegal basis and they set up a case to obtain justice. An international search has been launched to find him. The European Union applied sanctions to Kurchenko. But no one could find out the origin of strange transactions and the appearance of other sums related to him and Boris Lozhkin – over 300 million EUR. The Austrian officers even requested the information about these finances but they never succeeded because the Ukrainian party never answered.

Igor Mazepa created an excellent strategy for letting his friend earn the incredible sum – nearly 400 million USD. The Austrian case was closed, and Boris Lozhkin could enjoy his idyllic life but he forgot to consider his reputation. Petro Poroshenko was disappointed with this situation and had to quit him from the state establishment.

The Holding Without Boris Lozhkin’s Control

UMH still includes the most known country’s media sources but the most talented employees left it. After the scandal, the US “Forbes” doesn’t permit to use its brand. UMH insists that at least they can use their domain forbes.us but it’s not working.

Boris Lozhkin as the Part of the Country’s Political System

People like Boris Lozhkin will avoid any punishment in Ukraine. They will provide their machinations and grab money from any source: state investments, private property, etc. Even in case, someone will realize they provide illegal operations, those businessmen will feel Ok about it.

Today, they run the organization providing the payment system TYME. This company helps to transfer finances to the ungoverned Ukrainian districts. Interestingly, such kind of operations is forbidden now but TYME keeps providing financial support in the East of the country.

Numerous scandals and bandit machinations became a normal condition for the Ukrainian political system. It seems like someone needs such people like Lozhkin to make illegal strategies work. But it won’t always be this way, someday everything will change for the best. Soon, Ukrainewillspreaditswings.