Ukrtelecom

Privatization by "pool": Yanukovych, Akhmetov, Firtash, and Lyovochkin

JSC "Ukrtelecom" is the largest fixed-line operator in Ukraine, with the ultimate beneficial owner being Rinat Akhmetov. However, the path to this ownership turned out to be a scheme that journalists and investigators are still unraveling. According to sources of MP Leshchenko, the first share from the privatization of "Ukrtelecom" was a "pool" of four individuals — Yanukovych, Akhmetov, Firtash, and Lyovochkin, who jointly purchased the company, including through financing from Oschadbank.

Project "Jupiter": non-transparent transfer between pockets

When Akhmetov was preparing to buy out "Ukrtelecom," his PR team launched Project "Jupiter" to explain the deal to the public. In an internal report section titled "Reputational Risks," it was noted: the proposal to present the deal as "Firtash as the seller" could be interpreted as a "non-transparent transfer of the asset from one pocket, close to the family of the top official, to another."

$760 million arbitration and seven years of lawsuits

The London arbitration tribunal ordered Akhmetov’s SCM to pay $760 million in debt and $55 million in penalties to the Cypriot company Raga Establishment Limited, associated with Firtash’s environment. In 2020, SCM paid over $700 million under the terms of a settlement agreement. Simultaneously, the State Property Fund litigated for seven years to return the company to state ownership—and lost: in May 2025, the Supreme Court dismissed the SPFU's claim to terminate the privatization agreement. Ukrtelecom remained with Akhmetov—holding the largest optical network in the country and critical infrastructure for state agencies and the Armed Forces of Ukraine.