Petro Poroshenko, the oligarch president of Ukraine

Graphic by Ganna Naronina

Graphic by Ganna Naronina 

2017/01/22 • Analysis & Opinion, Infographics

Petro Poroshenko is not only the president of Ukraine but also one of the main oligarchs of the country. According to the rating prepared by Novoie Vremia together with Dragon Capital, he is the 4th richest person in Ukraine. His assets amount almost one billion dollars ($949 mn). In his declaration for 2015, he registered USD 2.4 mn and over 100 companies.

His business interests include confectionary, agriculture, insurance, banking, shipping, defense industry, food manufacturing and others.

He is also an owner of one of Ukraine’s news channels – 5 Kanal. Despite the criticism and recommendations of OSCE after the Presidential elections in 2014, he refused to sell it.

The confectionary concern Roshen has been his main business during the long years. Becoming a president in 2014, he has not sold it despite the promises to do so. Now Roshen has 6 factories, including one in Russian Lipetsk (which is going to be closed in April 2017).

The corporation is represented in 28 countries.

The Panama Papers offshore scandal in April 2016 revealed that Poroshenko handed Roshen to a blind trust, which happened in January 2016, according to his financial advisor. Poroshenko’s legal advisor explained that in doing this, Poroshenko lost his influence on Roshen. Whether this is true or not, the Roshen corporation has not been sold

Also, Poroshenko is one of the major agrarian oligarchs in Ukraine. He has about 40 enterprises of the agrarian complex.

Poroshenko is also quite successful in banking and insurance.

In January-June 2016 his Krayina increased the volume of collected premiums by 50%. His Kyiv-based International Invest Bank has a high trust factor compared to other Ukrainian banks.

His indirect interest is also defense industry. For a long time, Poroshenko used to be an owner of the Bohdan auto producer. He is also a cofounder of it. Now the factory belongs to his old business partner. Since 2014 Bohdan started to produce armored vehicles for the Ukrainian army.

Poroshenko has surrounded his interests with loyal businessmen and right politicians in other fields too.

Read more about them in the investigation of Kyiv Post.

 

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  • Evelyn Myketa Livingston

    So what is the point of yet another expose of Poroshenkos wealth ? Would he be a better president if he was destitute ? How about reporting on those oligarchs determined to destroy Ukraine ?

    • Mykola Banderachuk

      you have a point. A difference is also that Poroshenko acquired his wealth in business Before he became President as opposed to Putin who was poor when he became president and now is a multi-multi billionaire. big difference.

    • laker48

      He should have put all his business holdings into a blind trust in order to avoid any conflict of interest, but this concept seems to be foreign in the Ukrainian circles of power.

      • Evelyn Myketa Livingston

        Yes you may be right, although I’m not sure that for many Ukrainians that would be enough. As you can see instead of supporting him, they continue to bash one of the few good things they have going for them. I’m shocked and saddened that years after Maidan the situation appears to have not changed .. corruption, graft, oligarchs at the trough like pigs, incompetent medical care unless you can afford a bribe, etc, etc. But this is how it was BEFORE Maidan and BEFORE hundreds of lives were lost. And what do people like this writer care about .. the president has a candy factory!

        • laker48

          I have a gut feeling that Saakashvili will surface in Ukraine, as he’s a close friend of president Trump who trusts him. They’ve known one another since the 1990s, when Saakashvili was studying law in the US. One of Trump’s corporations built hotels in Batumi and Suchumi when Saakashvili was the president of Georgia.

          Since Saakashvili has been president Poroshenko’s friend since the 1980s when they both studied at the Taras Shevchenko University in Kyiv, Saakashvili with his proven track record from Georgia would be a perfect man to fight corruption in Ukraine and act as a go-between for Poroshenko in his dealings with Trump. Let’s wait and see if Poroshenko can prove his statesmanship!

          • Alex George

            Poroshenko will not have Saakashvili back, for precisely that reason, and Trump has zero power to force him.

          • laker48

            Perhaps, but he will risk a run-in with Trump about US financial aid to Ukraine. Trump is notorious for having very short fuses. We’ll see soon what’s gonna happen, anyway.

          • Alex George

            I should clarify that I am not suggesting Saakashvili is irrelevant to Ukrainian politics anymore, just not in any sort of alliance or arrangement with Poroshenko.

            The new Party has been up and running since May and Saakashvili seems committed to it, but even if he isn’t that’s not the most important thing. They have put down a number of markers for representatives – no prior history of government work, nor members fo Communist Party or Party of Regions. And they are trying to stay away from those wiht experience as Rada lawmakers also, whic I think is an excellent idea – most Rada reps are tainted in some way.

            David Sakvarelidze carries even more credibility for the new party than Saakashvili does.

          • laker48

            This makes sense to me.

  • Tony

    It should be pointed out that he Did try to sell it, but the only bidder was Nestle with a sum 3 times lower than what Poroshenko considered to be the market value(war devaluation perhaps).
    Would it be beneficial to Ukrainians to have one of their big enterprises sold to foreigners at a deep discount? Regardless, the main issue was conflict of interests and at least for Roshen that conflict was resolved by the blind trust fund.

  • http://www.taboogenocide.com kris dietrich

    Can anyone say how many Ukrainian Jews are in the Poroshenko cabinet.