Offshore scheme of Oleg Gorokhovsky: Cypriot companies got the largest shares in Monobank, while the co-founder himself formally owns crumbs

04 вересня 2025 р., 17:47

Микола Богданович   506   0  

Offshore scheme of Oleg Gorokhovsky: Cypriot companies got the largest shares in Monobank, while the co-founder himself formally owns crumbs

The decision of the High Court of London regarding the "PrivatBank" case has revealed many details about individuals associated with the systematic withdrawal of funds and the massive issuance of loans to their own companies. In the 490-page document, one can find not only the names of former beneficiaries, such as Ihor Kolomoiskyi and Hennadiy Boholyubov, but also the current owner of Monobank, Oleg Gorokhovsky. By a strange coincidence, a few months before the court decision on "PrivatBank," some companies linked to "Monobank" began to be transferred to Cyprus.

The main company managing Monobank is LLC "Fintech Band." It was actually founded back in 2003 under the name "Khimstal – M," but Gorokhovsky and his partners joined it in 2017, a few months after the nationalization of "PrivatBank." It is worth noting that Oleg Gorokhovsky worked at "Privat" for over 20 years, and this was essentially his only job before "Monobank." There, he progressed from an intern to a department head.

In LLC "Fintech Band," on the basis of which Monobank operates, in 2017, besides Gorokhovsky, other top managers of "Privat" also joined – Oleksandr and Dmytro Dubilet, Lyudmyla Shmalchenko, and Volodymyr Yatsenko. Three of these individuals, except for Dmytro Dubilet, are currently suspects in the withdrawal of funds from "PrivatBank." While the Dubilets have long since left the founders of "Fintech Band," Volodymyr Yatsenko, who was detained by the NABU in 2021 on the runway of Boryspil Airport, managed to quickly transfer his share to his common-law wife.

Yatsenko is suspected of withdrawing 137 million hryvnias that belonged to "Privat." In December 2016, before the bank was declared insolvent, he, along with other employees, transferred this money to an insurance company associated with former managers and owners of "PrivatBank." On the day of his detention at Boryspil, Yatsenko, through a notarized power of attorney, transferred shares in several companies to his wife, Yevheniya Kryvenko, including in Monobank.

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In January 2023, Oleg Gorokhovsky confirmed that Kryvenko remains a shareholder in "Fintech Band."

In March 2021, another interesting change occurred in the structure of "Fintech Band" – former "Privat" manager Lyudmyla Shmalchenko was replaced by Darya Bukreyeva. Both women are registered in the same apartment in Mykolaiv, which likely means they are relatives. Thus, both Yatsenko and Shmalchenko managed to save their shares in "Monobank" by transferring them to close relatives.

However, the most intriguing developments began in the fall of 2024. Companies managed by Gorokhovsky started to involve Cypriot firms, which became the largest contributors to the authorized capital.

In October 2024, Crestline Limited, registered in Cyprus, appeared among the founders of LLC "Fintech Band." In February 2025, according to open registries, another Cypriot firm, Nisets Limited, joined it. Both have offices in the same building in Limassol.

The director of the first company is listed as Oleksandr Nahornyak. A man with the same name and surname works as a Software Developer at LLC "Fintech Band."

The current director of Nisets Limited is Yuliya Akulenko, who, since June 2024, has also been the head of Monobank’s main company.

In April 2025, the Antimonopoly Committee of Ukraine granted permission to Crestline Limited to gain control over LLC "Fintech Band." However, in reality, this means that related individuals have simply moved the company offshore.

Читайте по темі: У Дубаї затримали Володимира Колота — родича й партнера ексрадника ФДМУ Андрія Гмиріна у справі НАБУ про збитки державі понад 700 мільйонів гривень

As of now, Crestline Limited owns 63.98% of "Fintech Band," Nisets Limited – 14%, the common-law wife of Volodymyr Yatsenko, a suspect in the withdrawal of funds from "PrivatBank," Yevheniya Kryvenko – 14%, Darya Bukreyeva – 8%, while Oleg Gorokhovsky and Mykhailo Rohalskyi, who are the main public faces of "Monobank," hold only 0.0081% each.

Since 2025, Ukrainian registries indicate that Crestline Limited and Nisets Limited are registered in Mykolaiv at the address of other "Monobank" firms. However, in Cypriot registries, their registered address remains in Limassol.

Office building in Limassol where Cypriot companies associated with "Monobank" are registered

The changes in the authorized capital of LLC "Fintech Band" also look interesting. If in the fall of 2019 it amounted to 101 million hryvnias, by February 2025, it sharply decreased to 1.23 million hryvnias.

Since the fall of 2024, Crestline Limited is also listed as one of the founders of LLC "ACDC Processing," which is also associated with "Monobank." Banker Yatsenko managed to transfer his share in this firm to his common-law wife within a day after his detention. Most likely, this was done to prevent the asset from being seized by the court.

Since 2025, Crestline Limited has become a founder of two more companies managed by Oleg Gorokhovsky – LLC "Mosst" and LLC "Kilobyte 1024." The first is a payment system, while the second is engaged in the development and licensing of software for banks.

Two more companies that started entering Oleg Gorokhovsky’s business are Fernly Limited and Oakworth Limited. They are registered in the same building in Limassol as the aforementioned firms. The director of the Cypriot Oakworth Limited is Yana Lyakh. A person with the same name works as the head of the legal department at "Fintech Band."

Oakworth Limited became one of the founders of LLC "Murkit" in April 2025. It also appeared in the management of LLC "Murkod." Oleg Gorokhovsky is a co-founder of both.

The Cypriot Fernly Limited is the oldest company among all those registered in the same building in Limassol. It was founded back in 2006. Moreover, according to the Cypriot registry, it has now been liquidated. Nevertheless, as reported by the Ukrainian registry, since April 2025, this firm has become a co-founder of LLC "LoyaltyAI" owned by Gorokhovsky and partners.

Thus, at least four Cypriot companies have started entering the management of firms associated with "Monobank" since the fall of 2024. Some of them are managed by current managers of the Ukrainian bank. And it is these offshore entities that now own the largest shares in Gorokhovsky’s companies.

The transfer of assets to Cyprus may well be related to the decision of the British court regarding "PrivatBank," which mentions, among other things, Gorokhovsky and his close ties to former top managers and beneficiaries of the nationalized banking institution. In particular, it refers to private lunches in Geneva and flights on Ihor Kolomoisky’s plane in 2019.

According to Oleg Gorokhovsky, he currently cannot estimate the value of "Monobank," but he would not sell it for a billion dollars. The asset is undoubtedly valuable and highly publicized, so the rapid move toward Cyprus should raise concerns for the National Bank of Ukraine.