A Ukrainian court ordered tycoon Ihor Kolomoisky to be held in custody for two months on suspicion of fraud and money laundering on Saturday, a striking move against one of the country’s most powerful businessmen.
The detention of Kolomoisky, who is under US sanctions and is a one-time supporter of President Volodymyr Zelenskyy whose election he backed in 2019, comes as Kyiv is trying to signal progress during a wartime crackdown on corruption.
Defense lawyers said Kolomoisky would appeal the ruling, questioning its legality, but that he would not post bail of almost $14 million in order to secure his release, broadcaster Radio Liberty reported.
After a hearing at a district court in Kyiv late on Saturday, Kolomoisky, one of Ukraine’s richest men, was shown being led away in a blue tracksuit jacket in television footage. He could not be reached for comment.
The Security Service of Ukraine announced the case against Kolomoisky on Saturday morning, publishing photographs on Telegram Messenger showing him being served documents by security officers and signing them.
“It was established that during 2013-2020, Ihor Kolomoisky legalized more than half a billion hryvnias ($14 million) by withdrawing them abroad and using the infrastructure of banks under (his) control,” the agency said in a statement.
After the ruling, Zelenskyy appeared to allude obliquely to the case in his evening address, thanking law enforcement agencies for showing resolve in bringing long-running cases to justice.
“Without a doubt, there will be no more decades-long ‘business as usual’ for those who plundered Ukraine and put themselves above the law and any rules… The law must work,” he said.
Wartime crackdown
Kolomoisky is seen as one of the class of oligarchs who amassed huge industrial wealth after the 1991 collapse of the Soviet Union and wielded outsize political and economic influence.
Before Russia’s February 2022 invasion, Zelenskyy and his team passed legislation requiring oligarchs to register and to stay out of politics. The war has eroded the oligarchs’ power as industrial assets have been destroyed in the east and south, and their television channels have been broadcasting under a centralized signal.
Before winning the presidency, Zelenskyy rose to prominence as a comedian and played the role of president on a show aired on a Kolomoisky-owned TV channel. He denies Kolomoisky has had any influence over the government.
During the war, Zelenskyy has emphasized Ukraine’s crackdown on corruption as Kyiv has applied to join the European Union and hopes to secure tens of billions of dollars to help rebuild the country after a war which has no end in sight.
Kolomoisky’s detention is not the first wartime move involving him.
Last November, the state took control of stakes in major strategic companies, some of which were associated with the businessman, invoking wartime laws to help the war effort.
Earlier this year, security officials searched Kolomoisky’s home in connection with a separate investigation into embezzlement and tax evasion at the country’s two largest oil companies partially owned by him.
Kolomoisky is a former owner of leading Ukrainian bank PrivatBank, which was nationalized in late 2016 as part of a clean-up of the banking system.
He has owned assets in the energy, banking, and other sectors, including an influential television channel.
The United States imposed sanctions on Kolomoisky in 2021 “due to his involvement in significant corruption”. US authorities have also alleged Kolomoisky and a business partner laundered stolen funds through the United States. Kolomoisky has denied any wrongdoing.
Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies
H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.
During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.
He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.
The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.
At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books
As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”
Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.
Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.
Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.
Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.
Automation
The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.
Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.
US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79
US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.
In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.
He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.
President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.