The Security Service of Ukraine (SBU) detained businessman Vagif Aliyev in Zakarpattia in 2022. Vagif Aliyev is suspected of secretly holding Russian citizenship while continuing to conduct business in Ukraine. Like many other developers in the country, his business activities are reportedly marked by corruption and suspicious dealings, which would be impossible without connections to government officials. Despite his detention in 2022, no criminal case was initiated, raising suspicions of possible corruption in the matter.
Vagif Aliyev is a partner of controversial Ukrainian businessman Dmytro Firtash and Vadym Stolar, a member of the Opposition Platform – For Life party. Both are widely known for their involvement in criminal activities. Dmytro Firtash and his associate Denys Horbunenko are under sanctions in the United Kingdom. Firtash is currently under home arrest in Austria, fighting extradition to the United States, where he faces charges of serious financial crimes and bribery. Vadym Stolar has long been considered the de facto controller of Kyiv’s real estate market, managing land assets in the Ukrainian capital.
Lavina mall tax evasion and Vagif Aliev’s Russian passport
The legal battle between Vagif Aliyev, owner of the large Lavina Mall shopping center in Kyiv (127,000 square meters of retail space), and the city prosecutor’s office has been ongoing for years.
Lavina Mall, which was damaged by a Russian airstrike, resumed operations on May 10. However, just one day later, on May 11, the Holosiivskyi District Court froze the mall’s bonds, worth nearly 970 million hryvnias.
According to law enforcement, the mall’s issued securities were allegedly used by the company to minimize taxes through the payment of interest at non-market rates, inflating expenses in the process.
Furthermore, law enforcement claims that bonds purchased by other companies were traded on the over-the-counter market by financial firms and individuals with substantial discounts or markups. Prices for these bonds reportedly fluctuated between 0.01% and 1500% of their nominal value. For instance, a bond with a face value of 1,000 UAH could be bought for 10 UAH and then sold for 1.5 million UAH, generating enormous profits.
The most intriguing aspect, however, lies in the stated purpose of issuing nearly 1 billion UAH in bonds, which was officially to complete construction of the mall and repay debts to its owner.
“A significant portion of Lavina Mall’s finances was directed toward repaying debts to its owner, resulting in zero profits. Such bond issuances are a well-known tax optimization method. While ethical concerns may arise, they don’t present an issue within the legal framework,” writes LIGA.net.
Vagif Aliyev, the mall’s owner, is no stranger to complexity. Originally from Ashgabat and active in Ukraine since the 1990s, Aliyev is frequently cited in media and public databases as a Russian citizen.
According to Forbes.ua, Vagif Aliyev is Ukraine’s largest owner of commercial real estate, with a portfolio spanning approximately 350,000 square meters. In addition to Lavina Mall, his holdings include Mandarin Plaza and 50% of Blockbuster Mall. Aliyev also plans to complete two additional malls: Lesnaya Mall and Hippodrome Mall.
Interestingly, his daughters Natella and Alina were citizens of the Russian Federation, although Russia’s Ministry of Internal Affairs announced in March 2022 that they had been stripped of their citizenship due to documentation errors.
Natella Aliyeva, better known as Natella Krapivina, was notably the producer of singer Svitlana Loboda, who for a long time primarily worked in Russia.
A Second Attempt to Open a Criminal Case Against Vagif Aliyev
Following the outbreak of the war, Ukraine initiated the process of nationalizing Russian assets, an important step in ensuring national security. However, certain assets have escaped the attention of law enforcement, including the Blockbuster Mall shopping center. According to media reports, Vagif Aliyev, who owns 50% of the mall and allegedly holds Russian citizenship, continues to operate successfully in Ukraine. His portfolio includes other major properties such as Mandarin Plaza, Lavina Mall, and Ocean Mall.
Why Vagif Aliyev Might Evade Responsibility Again?
Local media reports suggest that Aliyev’s success in Ukraine, despite his suspected Russian citizenship, is due to his connections within law enforcement and his ability to form influential partnerships. One such partner is reportedly Oleksandr Spektor, a co-owner of Blockbuster Mall, who has ties to former officials from Viktor Yanukovych’s administration.
According to the source Fraza.ua, Spektor is allegedly linked to Viktor Medvedchuk and his associate Taras Kozak, raising further questions about the legality and security of Blockbuster Mall’s operations. If confirmed, this could mean that revenues from the mall are not contributing to Ukraine’s budget but are instead lining the pockets of the state’s adversaries.
The public has already expressed its intention to appeal to the Asset Recovery and Management Agency (ARMA) and the Ministry of Justice, demanding the nationalization of the shopping center’s assets. Furthermore, law enforcement agencies are investigating allegations of tax evasion involving companies within Vagif Aliyev’s business empire.
Allegations of Tax Evasion and Financial Crimes
Investigators allege that officials from Aliyev’s companies issued unsecured bonds to evade taxes. In September 2023, searches were conducted at the office of the *Rental* investment fund, linked to Oleksandr Spektor, resulting in the seizure of documents related to securities transactions.
In the meantime, Vagif Aliyev has reportedly re-registered these companies under his daughter, Marina Dorokhina.
The criminal proceedings involve charges related to tax evasion and financing actions aimed at overthrowing Ukraine’s constitutional order. However, the future of the case remains unclear. These are serious allegations, yet, remarkably, no formal suspicions have been issued against Vagif Aliyev or his business partner Spektor so far.
