Khomutynnik after Firtash: who manages billion-dollar assets despite sanctions and investigations

Khomutynnik after Firtash: who manages billion-dollar assets despite sanctions and investigations

Against the backdrop of Ukraine’s official de-oligarchization policy, increasing attention is being drawn not only to the sanctioned individuals themselves but also to the “shadow” managers who ensure the preservation of their businesses. One of the most prominent figures in this context is former People’s Deputy Vitaliy Khomutynnik.

Experts and investigative journalists point out that he has effectively become a key link in managing the assets of Dmytro Firtash — an oligarch who has been in Vienna for over a decade under pressure from extradition requests to the United States.

One of the most illustrative examples of how ownership of major assets is being transformed is the story of the Kyiv shopping and entertainment center Respublika Park. The complex was initially developed by structures of Dmytro Firtash’s Group DF using credit funds from Bank Nadra. After the financial institution’s bankruptcy, the rights to the claims passed to the state. However, in 2019 they were purchased by Soltex Capital LLC. Later, the Antimonopoly Committee of Ukraine officially recognized that the auction participants — Soltex Capital, Fingroup Factor, and Talkfin — had acted in concert. This led to the value of the credit claim dropping from UAH 2.56 billion to UAH 777 million.

Today the shopping center is registered under the closed-end non-diversified venture mutual investment fund “Diligence,” in which 75% belongs to Serhiy Tolstunov and 25% to Vitaliy Khomutynnik. Tolstunov is the owner of the Austrian company Trafin Consulting und Entwicklungs GmbH, as well as a number of Ukrainian firms (“Nika-Agrotrade,” “RC Neopolis,” “Megapoliszhybud”), which, according to investigators, are closely integrated into the logistics and business processes of Group DF.

Materials from the international forensic investigation by Mintz Group paint a clear picture of the interaction. According to the investigators, the Tolstunov family has for years provided Dmytro Firtash with services of nominal asset management. Payments for these “consulting and management services” through Trafin Consulting allegedly reached €150–250 thousand quarterly. The joint corporate interests of Khomutynnik and Firtash cover not only Respublika Park but also such structures as “Nika-Agrotrade” and “EGF Trading.” This creates the impression that even in Firtash’s absence from Ukraine, his business empire continues to operate thanks to well-established schemes of hidden control.

Since April 2022, the National Police has been investigating a case under Article 110-2 (financing actions aimed at changing state borders) and Article 209 (money laundering) of the Criminal Code of Ukraine. The investigation is examining the role of Khomutynnik’s structures as a “financial reserve” for the Ostchem group. Law enforcement is focusing on credit manipulations, the use of offshore companies (including Orinast Limited), and schemes of artificial bankruptcy to conceal assets from the state.

At the same time, investigators point to significant real estate owned by the family abroad: the Lygon House mansion in London (valued at £25.6 million), apartments in Cyprus (€2.38 million), and property in the prestigious Six Senses Residences complex (UAE).

This case illustrates the resilience of oligarchic structures: even under the pressure of sanctions and criminal proceedings, they adapt by changing nominal owners while retaining control over assets. Whether law enforcement will be able to sever these ties and bring the case to court remains an open question.