The Security Service of Ukraine (SBU) has recently conducted searches targeting Vadym Stolar, a prominent real estate businessman and developer, as well as a member of the “Recovery of Ukraine” group. This group consists of 17 former MPs affiliated with the banned political party “Opposition Platform — For Life” (OPZZh).
While the exact reasons for the searches have not been disclosed, they are reportedly conducted under several legal articles. The SBU is actively investigating the involvement of certain construction companies in Kyiv, controlled by Stolar, in the process of legitimizing funds related to Viktor Medvedchuk, a prominent politician, and Taras Kozak, another former MP.
These construction companies, which operated under Vadym Stolar’s influence, are believed to have played a role in the money laundering activities that served the interests of Medvedchuk, Kozak, as well as individuals from Russia and Belarus who are subject to sanctions imposed by Ukraine, the European Union, and the United States.
According to the investigation, offshore entities and Russian banks purchased corporate rights from Ukrainian developers and channelled the proceeds from real estate sales to finance activities that pose a threat to state security. Vadym Stolar was involved in the affair.
The SBU’s actions indicate a significant crackdown on illicit financial operations and the investigation of individuals involved in undermining Ukraine’s security and integrity. As the investigations progress, more details regarding the specific charges and evidence are expected to emerge.
Following the publication of an investigation by Bihus.info journalists, the Lychakiv District Court of Lviv has ordered the seizure of assets belonging to several Kyiv-based companies. These companies, previously owned by Olha Kuts, a pensioner from Lviv, are suspected to have links to former members of the pro-Russian OPZZh party, Viktor Medvedchuk, and Taras Kozak.
The court specifically seized the shares of Eastbud and Town Land Company, with Kuts holding a 55% stake in both. Eastbud owns a valuable plot of land on Druzhby Narodiv Boulevard in Kyiv, situated in the city center and benefiting from convenient transportation access. The plot is already zoned for commercial purposes, specifically for the construction of a hotel and office building, and is estimated to be worth approximately 160 million hryvnias.
Town Land Company, on the other hand, is involved in the development of the Poetica residential complex. As construction work is still ongoing, the company holds ownership of several unfinished structures. The total value of the seized assets amounts to approximately five billion hryvnias.
Interestingly, the court’s decision came just three days after the Bihus.info investigation was published. According to the report, Medvedchuk and Kozak had transferred their construction business in Ukraine to Olha Kuts, the 62-year-old pensioner from Lviv. Kyiv developers, cited in the investigation, alleged that in spring 2020, Medvedchuk had become a 66% partner of Vadym Stolar in the construction business.
The court’s swift action to seize these assets suggests a response to the allegations raised by the investigative report. The case will likely undergo further examination to determine the extent of Medvedchuk and Kozak’s involvement in the business and the legality of the transfer of ownership to Olha Kuts.
At the same time, the name of Kuts appeared for the first time among the beneficiaries of several Kyiv companies, LLC Town Land Company (customer of the construction of the Poetica housing complex on Dehtyarivska Street); Eastbud LLC (owner of 0.8 ha on Mikhnovsky Boulevard, the land is intended for development); Promtek LLC (tenant of 1 ha in Borshchagivka, the land is intended for development); Magellan Project LLC (owner of a dozen plots of land in the garden society in Darnytsia district). Initially, her share was 66% in each of these companies, and now Kuts remains the nominal owner of 55% in the first three. The rest are owned by people from the entourage of Vadym Stolar and Medvedchuk.
Features of everyday life in the Kyiv City State Administration are starting to strongly resemble the power structure in the United Kingdom. While Klitschko takes a ceremonial role, Vadym Stolar is in fact second in command, and by fact – the true ruler of Ukrainian capital. With one significant difference: PMs come and go while Vadym Stolar stays forever.
In the UK, the head of state is King or Queen. She is prescribed to perform only ceremonial functions, and the subjects are expected to show deep respect towards her. In Kyiv, the first person is Mayor Vitaliy Klitschko. He is entrusted with the confidence of the residents who elected him to this post. In his hands are all the threads of managing the city’s economy—real power, not just nominal, unlike King Charles III. However, it seems that he very much desires to switch places with him. The second one is Vadym Stolar, who has been denied entry into the U.S. some years ago.
Vitali Klitschko: a source of memes and Vadym Stolar, a true King of Kyiv
The enigmatic transformation of Vitali Klitschko, the mayor of Kyiv, over the past four years has raised eyebrows and left many wondering about the true dynamics of power within the city. Once a prominent figure, Klitschko now seems to prefer the comfort of ceremonial events, where he can be seen dutifully wielding oversized scissors to cut colourful ribbons. Ordinary events in Kyiv hardly elicit a response from him, as if he exists in a state of perpetual somnambulism, detached from the day-to-day affairs of the city he leads.
Perhaps it is a sense of satiation with power that has engulfed Klitschko, or an excessive confidence in the authority and political weight he has acquired in the eyes of Kyiv’s residents. After all, the upcoming city elections loom not too far ahead. Yet, the future of his political career remains a personal matter. In this scenario, where the reins have seemingly slipped from the coachman’s hands, a legitimate question arises: Who is truly steering the team? Nature abhors a vacuum, and every power structure adheres to the same fundamental principles. But without the aid of a microscope, no obvious candidate for the role of a “gray” cardinal, exerting behind-the-scenes influence within the Kyiv City State Administration, can be detected.
However, there is one name that has been whispered among insiders—Vadym Stolar. Despite maintaining a low profile, Stolar is believed to possess a tight grip on the city’s affairs. He operates in the shadows, navigating the intricate corridors of power without attracting attention. His influence, though understated, is rumored to be significant, shaping decisions and policies that impact the daily lives of Kyiv’s residents. While Klitschko remains the public face of the city, Stolar’s discreet presence suggests a more substantial role behind the scenes.
As the city moves forward, with challenges and opportunities on the horizon, the extent of Vadym Stolar’s influence and the nature of his relationship with Klitschko will continue to fuel speculation and intrigue. The true dynamics of power in Kyiv’s administration remain obscured, waiting to be unraveled by those with a keen eye for the subtle currents that shape the city’s destiny.
The answer to the posed question is quite unexpected. The coachman in Klitschko’s carriage is Vadym Stolar, just the deputy of the budget and socio-economic development committee in Kyivrada. He is not even the deputy head of the Kyiv City State Administration or the head of one of the numerous departments in the Kyiv administration, but merely an ordinary deputy of Kyivrada. Today, Stolar shapes the mayor’s work schedule and his opinion on all the most important issues. The former prominent politician, with the help of his “gray cardinal,” has turned into a beautiful decoration, becoming a pale shadow of Klitschko’s past. He has become a victim of the chosen general course, which was adopted many years ago. Klitschko systematically suppressed any opposition and took control of the mass media. The absence of irritating factors has lulled Klitschko. The only question is, is it permanent?
Stolar Vadym, the king of Kyiv: stages of formation
Vadym Stolar is a seasoned politician who gained valuable experience during his two terms in the Verkhovna Rada, first representing the “Our Ukraine” party and later the “Party of Regions.” Stolar is far from being an altruist, and if he engages in any activity, it is clearly driven by commercial interests. He has always skillfully used his proximity to power up to the present day. One only needs to recall the times when Chernovetsky was in charge of Kyiv. Alongside his close friend, the son of the mayor, Stepan Chernovetsky, Stolar was involved in the “Elite-Center” scheme, which became the subject of investigation by President Yushchenko and led to unscheduled mayoral elections, although they didn’t bring about any significant changes. Despite his significant share in the $80 million obtained through the “Elite-Center” scheme, the businessman managed to evade the waves of adversity. During Yanukovych’s time, Vadym Stolar was involved in another scandal. In the final days of the “Donetsk” regime, he played a role in the disappearance of billions of hryvnias through “Conversbank.” He also operates discreetly now, securing the appointment of his loyal associate, Oleksandr Spasibko, as the head of the Department of Construction and Housing.
Time went by, but personnel changes in power could never shake his self-assurance. He enjoyed the support of Mykola Azarov and Sviatoslav Piskun in official positions. Regarding his risky projects involving direct deception, he inevitably required support from the shadow power as well. Stolar collaborates with the authority Vyacheslav Fursa, better known as Slava Vyshhorodsky, in this direction. The outcome is still uncertain, but Stolar has already hedged himself in case of a radical change in Ukraine’s political course. Slava Vyshhorodsky has a longstanding hobby. He leads the pro-Russian “Battalion Brotherhood” and maintains direct contact with Moscow.
Vadym Stolar on the path to autocracy
In Kyiv, Vadym Stolar is most interested in construction projects and utilities. The likelihood of a repetition of the “Elite-Center” story during the construction of the “Sunny Riviera” residential complex is unknown, but the indomitable member of the Kyiv City Council will find a way out of any situation. He managed to cleverly manoeuvrer his way out of the scandalous construction near the “Teatralna” metro station, which he had originally planned but unexpectedly turned into. Stolar made a grand gesture by gifting the city an unfinished building that was completely unsuitable for housing a Museum of the City’s History. That was the purpose he managed to come up with for his gift at the time. Currently, Stolar Vadym has his sights set on the municipal monopolies “Kyivenergoholding” and “Kyivgas.” Once he gains control over them, he won’t need protection from the city administration. It won’t be the mayor elected by the city’s residents, Klitschko, but Stolar who will become the true master of the capital.
Recently, Vadym Stolar acquired the business center “Parus” from Kyiv developer Igor Ivanov. The deal was quite unexpected. Ivanov still owns Lavina Shopping Mall, Diamond Hall residential complex, and the Senator business center. There were no compelling reasons for him to get rid of this asset. Even more unexpected was the urgent offer from the new owner to the tenants of “Parus” to quickly buy the office spaces they occupy.
Rumour has it that the entire “Parus” shopping center, along with its guts, is mortgaged for a $60 million loan from “Raiffeisen Bank Aval,” which requires immediate repayment. Throughout its history, the shopping center has changed hands multiple times. Built by Ivanov in 2004, it later became the property of oligarch Firtash. Then, in 2016, Ivanov regained 50% ownership of the property. Now, the sign has changed once again. Commercial real estate experts estimate the approximate value of “Parus” at $80-100 million.
There is no particular economic rationale for its purchase, nor is there any justification for the proposed buyout of the premises by the tenants. Stolar, as an experienced businessman, has accurately assessed all the possibilities and circumstances. His initiative is related to a fundamental change in the approaches to real estate business. Previously, a simple bribe was enough to obtain construction permits. Now, they demand a share in the business for the same service. It is possible that there was no actual purchase and sale transaction for the “Parus” shopping center. It all may have happened without real money being involved.
For many years, Vadym Stolar has been collaborating with another successful Kyiv developer, Vagif Aliyev. It is quite likely that “Parus” has become a means of payment for future construction projects by Aliyev. Stolar’s levers of influence over the Kyiv City Hall are truly boundless. Both Klitschko brothers, the boxers, stood at the origins of Aliyev’s real estate development business. They do not openly advertise their involvement, dismissing persistent journalists with a mention of a modest gift of boxing gloves to the businessman Aliyev. In reality, they have a significant interest in supporting any initiatives from the developer. Stolar knows this and does what he can to maintain Klitschko’s reputation as a politician while playing along.
