Ukrainian anti-corruption agencies say the case concerns the alleged legalisation of UAH 460 million linked to an elite residential development near Kyiv.
Former head of the Office of the President of Ukraine Andriy Yermak has been notified of suspicion in a case concerning the alleged legalisation of UAH 460 million through an elite residential construction project near Kyiv, according to Ukraine’s National Anti-Corruption Bureau and Specialised Anti-Corruption Prosecutor’s Office. Ukrainian media, including Ukrainska Pravda, reported that the former official named in the agencies’ statement is Yermak.
The case, referred to in Ukrainian reporting as the “Dynasty” affair, concerns a luxury development in Kozyn, an affluent area south of Kyiv. According to NABU and SAPO, investigators allege that an organised group was involved in laundering UAH 460 million through high-end construction. The legal qualification cited by the agencies is Part 3 of Article 209 of Ukraine’s Criminal Code, which covers the legalisation of criminal proceeds committed by an organised group or on a particularly large scale.
The notification of suspicion does not amount to a conviction. Under Ukrainian criminal procedure, it means investigators believe there are grounds to suspect a person of involvement in an offence. Any finding of guilt would require a court ruling.
According to details published by Ukrainska Pravda, the investigation also refers to a person using the nickname “Che Guevara”. The outlet reported, citing its sources, that this refers to Oleksiy Chernyshov, a former Deputy Prime Minister and former head of Naftogaz. The report states that he joined the founders of BLOOM Development in 2018, and that in 2019 the company acquired more than four hectares of land from the Kozyn village council.
After his appointment as head of Kyiv Regional State Administration in November 2019, the person identified in the investigation as “Che Guevara” allegedly transferred his share in the company’s charter capital to his wife because of his public-service status. In 2020, after he became Minister for Communities and Territories Development, concepts for private residences under the “Dynasty” project allegedly began to take shape on land owned or partly leased by BLOOM Development, according to Ukrainska Pravda’s account of the investigation.
NABU has stated that the value of the Kozyn land was estimated by project participants at between $4,000 and $20,000 per 100 square metres. The residences were planned on plots covering more than eight hectares, with a total land value that could have exceeded $6 million.
Investigators allege that participants planned to build four private residences for permanent residence, each of approximately 1,000 square metres. The project also included additional houses and auxiliary buildings for each residence. A fifth shared residence was allegedly planned to include a spa area, swimming pool and gym. The estimated cost of each main residence was around $2 million, according to Ukrainian reporting based on NABU materials.
The investigation describes two alleged channels of financing. The first was a formal non-cash route, referred to by investigators as “Form 1”. According to NABU, persons controlled by “Che Guevara” created a housing construction cooperative, “Soniachnyi Bereh”, which formally acted as the customer for the construction. Founders of the cooperative paid funds into its accounts, some of which were then used for construction. Investigators allege that this was intended to create the appearance of lawful origin for part of the funds.
NABU says this formal financing accounted for only about 10 per cent of the total construction budget. The agency alleges that some of the persons involved received money for supposed services from companies showing signs of fictitious activity and from legal entities in the pharmaceutical sector.
The second and larger financing channel allegedly involved cash obtained by criminal means, described by investigators as “Form 2”. According to the case materials reported by Ukrainska Pravda, part of the cash was passed to workers through the personal assistant of “Che Guevara” at another Kyiv office. Another part was allegedly received by a person close to another participant in the project.
NABU further alleges that construction did not stop after Russia’s full-scale invasion of Ukraine in February 2022. Instead, according to investigators, work continued more actively, with demands to accelerate construction and operate in several shifts from morning until late evening.
By 2024, investigators claim, participants began searching for ways to legalise the funds because the real scale of construction did not correspond to the official volume of declared financing. Among the alleged options was the purchase of documents purporting to confirm the lawful origin of money. The reported cost of such services was 15.5 to 16.5 per cent of the amount being legalised.
Yermak has denied having a house in the Dynasty cooperative. According to Radio Liberty’s Schemes project, he said he would comment after investigative actions were completed. When asked about the cooperative, he said he had no house and owned only one apartment and one car.
The case comes after earlier investigative actions involving Yermak. In November 2025, NABU and SAPO conducted searches at premises linked to him. Those searches were reported in the context of wider anti-corruption investigations in Ukraine, although the current notification of suspicion concerns the separate “Dynasty” construction case.
The investigation is likely to draw close attention in Kyiv and among Ukraine’s international partners. Yermak previously held one of the most powerful unelected positions in the Ukrainian state, overseeing key political and diplomatic processes during the war. The new case places renewed scrutiny on Ukraine’s anti-corruption institutions at a time when the country remains dependent on Western military and financial support, and when governance standards remain central to its European integration process.
