On January 18th, the Ukrainian State Bureau of Investigation (SBI) detained prominent Ukrainian entrepreneur Ihor Mazepa, founder of the investment firm Concorde Capital. This apprehension took place as he was crossing the Ukrainian-Polish border en route to the World Economic Forum Annual Meeting in Davos.
Sources within law enforcement agencies, reported by Ukrainian media outlet Economichna Pravda (EP), revealed that the detention is linked to a case with potential Russian involvement, although specific details remain undisclosed.
Simultaneously, the SBI initiated searches at Concorde Capital’s office, with indications pointing to an investigation related to land acquisition for the construction of the upscale Goodlife Park cottage town in the Vyshgorod district of the Kyiv region.
Cottage town Goodlife Park, established in 2013, spans 40 hectares and features amenities such as a yacht club, mini-hotel, restaurant, children’s park, sports grounds, and a fitness centre.
An update on the situation reveals that during the search, security forces forcefully entered the business centre, and searches extended beyond the scope of the court order.
Documents unrelated to the case but pertinent to various aspects of Mazepa’s business were seized, including personal belongings of employees working on unrelated projects.
Lawyers for Mazepa also reported unauthorised searches at residences, where personal belongings and money were confiscated without a court order.
Ihor Mazepa was detained at the Shehyni crossing, and his legal team contends that law enforcement officers searched his car without a court order.
Moreover, investigative actions were conducted without legal representation, despite the lawyer’s presence at the scene. The lawyers strongly emphasised that the criminal proceedings relate to the 2013 construction of real estate, particularly cottage towns.
The legal representatives of Mazepa expressed their belief that the SBI’s actions are connected to Mazepa’s stance on security forces pressuring businesses, notably in the ongoing corporate dispute involving the Mainytskyi deposit.
Concorde Capital’s Official Response to the Detention of Igor Mazepa
Arrest of Ihor Mazepa, founder of Concorde Capital, a prominent Ukrainian investment firm, underscores the repercussions of his outspoken defense of business interests in Ukraine. The company’s press office revealed that Mazepa’s detention is closely tied to his public opposition against escalating pressure from law enforcement agencies on Ukrainian business proprietors.
Concorde Capital expressed, “We are witnessing an unprecedented blow to Ukraine’s investment landscape in the entire history of its independence. Today, Ihor Mazepa, the founder of Concorde Capital, was apprehended by agents from the State Bureau of Investigations (SBI) and the police. Unlawful and aggressive actions by law enforcement, marked by numerous procedural violations during searches, have been reported: denial of access to legal representation, indiscriminate seizure of documents and personal assets of company personnel, office searches without a court order and with forced entry. The company is poised to lodge a formal appeal with the government concerning the undue pressure and the deteriorating investment climate in Ukraine orchestrated by law enforcement. Signatories, including owners of major Ukrainian budget-forming enterprises, plan to endorse this appeal. The matter of pressure on Igor Mazepa transcends the ongoing investigative actions, initiated as a consequence of Mazepa’s bold revelations about corruption within law enforcement structures and the establishment of an anti-rating for unscrupulous law enforcement officers.”
In May 2023, Ihor Mazepa aligned himself with a robust anti-raider movement targeting judges and law enforcement officials abusing their powers, a movement encompassing significant budget-forming companies in Ukraine.
On June 28, 42 prominent Ukrainian entrepreneurs issued a manifesto in defense of Article 42 of the Ukrainian Constitution. Notable signatories include Filia Zhebrovska, proprietor of the pharmaceutical company “Farmak”; Sergiy Voytenko, CEO of “Agromat”; Alexander Sokolovsky, founder of “Textile-Contact,” and others.
Subsequent to this public appeal, law enforcement allegedly received directives to detain Ihor Mazepa by concocting multiple criminal cases against him.
Concorde Capital, established by Ihor Mazepa, has been a pivotal force in the Ukrainian investment arena for 18 years, amassing over $4 billion in investments for a clientele exceeding 1,000.
The predicament faced by Ihor Mazepa and Concorde Capital extends beyond their individual purview; it represents a broader issue confronting the entire Ukrainian business community, besieged by substantial external pressures. A collective call is issued to spotlight this matter and advocate for the immediate release of Igor Mazepa, while urging a cessation to the undue pressures on Ukrainian businesses.
Bail of 700 Million UAH
On the 19th of January Igor Mazepa has been granted bail in the amount of UAH 700 million, while his brother, Yuri, received bail of UAH 500 million. This information was reported on Facebook by the head of Concorde Capital’s press service, Anna Dyakonova.
“Igor Mazepa has been detained in connection with a criminal case related to the allocation of land plots, totaling 2.4 hectares, allegedly granted in violation of the law. The damages to the state, amounting to UAH 7 million, which are charged against Igor Mazepa, correspond to bail amounts of UAH 700 million and UAH 500 million for Igor Mazepa and his brother, respectively,” wrote Dyakonova.
Statement from Ihor Mazepa Regarding His Arrest
Detained by the State Bureau of Investigations (SBI), Concorde Capital founder Igor Mazepa asserted that the case against him was initiated a decade ago but only gained momentum in the last 1.5 months. Speaking to reporters while awaiting a court hearing, he disclosed that the investigation revolves around project documentation dating back to the 1960s during the planning of a hydroelectric power plant. However, in the 30 years since Ukraine gained independence, none of the numerous state agencies noticed this.
“When I purchased these lands on the secondary market, investigators believe I committed a crime… Moreover, out of the 3,000 hectares situated on the so-called dam, I am charged with the illegal acquisition of 2 hectares,” he stated.
Mazepa also emphasized that the designated purpose of the mentioned lands is for gardening, not as water fund territories, a fact supported by thirty court decisions from three instances. He noted that he acquired these plots in the market precisely in this format.
“This case has been ongoing for 10 years, but it only started moving in the last 1.5 months. Some of our neighbors with similar plots have been in pre-trial detention since November on a similar case. I went abroad in December, returned from a business trip after 8 days, knowing that progress had begun in this case,” he explained.
In addition, Mazepa asserted that he did not evade law enforcement and continued to move around in his own car, used credit cards in his name, and had his own mobile phone.
“In other words, I can be found in 30 seconds,” he added.
Mazepa also reminded that he was detained at the border as he intended to travel on a business trip to Davos. The businessman mentioned that he had an exemption from mobilisation and was supposed to go to Switzerland on January 16, but he got delayed with matters in Kyiv and decided to leave on January 18.
Despite the discussions about Ukraine concluding at the World Economic Forum in Davos, he had planned to engage in talks about private investments in a project related to balancing capacities in the energy sector, particularly solar power plants.
Background on Ihor Mazepa
Concorde Capital, founded by Ihor Mazepa, specialises in investment and brokerage services, along with debt restructuring.
The company holds significant stakes in various ventures, including the Dobrobut medical network (21.5%), KupiPay (an agricultural land sales startup), Heidelberg Cement Ukraine plant, “Sonyachne Remeslo” amber mining company, a stake in the MakeUp platform, and possesses a gas extraction license in the Lviv region.
In the real estate sector, Mazepa is the proprietor of the suburban complex Shelest and serves as the developer for the Goodlife Park cottage town.
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