Press Briefing on the 'Dynasty' Housing Cooperative Case
On May 12, Semen Kryvonos, Director of Ukraine's National Anti-Corruption Bureau (NABU), and Oleksandr Klymenko, head of the Specialized Anti-Corruption Prosecutor's Office (SAPO), held a briefing on the 'Dynasty' cooperative case. The investigation focuses on the laundering of over 460 million hryvnias (approximately $12.5 million) through luxury construction near Kyiv. Prosecutors announced they will request pretrial detention for Andriy Yermak, former head of the President's Office, or alternatively, set bail at 180 million hryvnias (around $4.3 million). This case highlights ongoing anti-corruption efforts in Ukraine, a key issue for international observers and investors.
According to investigation materials, between 2021 and 2025, members of an organized group laundered more than 460 million hryvnias through construction in the village of Kozyn, Kyiv region. On a plot of about eight hectares, four private residences and a spa complex were built. Nearly $9 million in cash—72% of the total—was funneled through money laundering operations.
Case Details and Reactions
A court hearing to determine Yermak's preventive measure is scheduled for 4:00 PM on May 12. Notably, President Volodymyr Zelenskyy is not implicated in this case, while Rustem Umerov holds witness status. On May 11, NABU and SAPO notified Yermak of suspicion; the following day, six more individuals were served notices, including a former deputy prime minister and a businessman. The operation is code-named 'Midas'.
Semen Kryvonos: 'Other investigative versions regarding the ownership of certain assets are being examined as part of the pretrial investigation. It is ongoing.'
Andriy Yermak responded to the situation, stating: 'Over the past months, there has been unprecedented public pressure on law enforcement agencies to make specific procedural decisions regarding me.'
Other individuals named in the case include:
- Oleksiy Chernyshov (former deputy prime minister)
- Timur Mindich (businessman)
The investigation found that funds were laundered through nominee founders of the construction cooperative linked to shell companies, as well as through cash of unknown origin.
Cases like 'Dynasty' underscore the importance of fighting corruption in Ukraine, especially in the context of reforms and improving the investment climate. Investigations into such large-scale financial crimes can impact public trust in anti-corruption bodies and the government as a whole. The next steps by the prosecutor's office and NABU will be closely watched by society, as the outcomes of this probe could mark a significant milestone in the country's fight against corruption.
The ongoing investigation into the laundering of substantial sums through luxury construction projects highlights a broader pattern of corruption within Ukraine's elite. As details emerge, it's crucial to consider related cases, such as the recent allegations against a former deputy prime minister and a businessman, who are also implicated in a significant corruption scheme involving $460 million. For further insights into this developing situation, visit the related news article.