Mindich’s fund acquired 77 apartments in Kyiv at discount of more than 60% month before full-scale invasion by Russian Federation, - media
Timur Mindich's "Genesis" investment fund acquired 77 apartments in the Riverdale business-class residential complex in Demiivka, Kyiv, in January 2022.
This was reported by Censor.NET with reference to Ekonomichna Pravda.
Details of the deal
The total amount of the deal was 88.4 million hryvnias, while the market price of the apartments at that time was about 235 million hryvnias. Thus, the fund received a benefit of more than $5.2 million.
The developer of the complex is Perfect Group, which is actually owned by People's Deputy Dmytro Isaienko, who was previously elected on the OPFL party list. Subcontracting work is being carried out by "Altis-Development," a company associated with well-known developer Oleksandr Hlimbovskyi. The concept for the complex was developed by the architectural bureau "Arkhimatyka" based on the principle of a ‘city within a city’ with an open channel of the Sovka River.
The agreement was concluded before Mindich was suspected by law enforcement agencies of embezzlement at "Energoatom," and at that time he was still involved in a partnership with the "Kvartal 95" studio. Therefore, some experts note that the extremely high discount could be regarded as a hidden benefit.
Problems with construction
Construction of the complex began in 2021, but as of December 2025, no sections have been commissioned, and active construction is only planned to resume in the first quarter of 2026. The "Genesis" Fund terminated 77 contracts in October 2025 due to delays in commissioning the facilities, and the developer must return the funds within three years.
In November 2025, Ukrainian President Volodymyr Zelenskyy imposed sanctions on Mindich on suspicion of creating a criminal group and embezzlement. After that, the National Securities and Stock Market Commission banned the company managing the fund's assets from paying dividends and conducting operations with stocks until the end of the sanctions period, and also blocked Genesis' assets.
Refusal to provide comments
Representatives of Perfect Group and Dmytro Isaienko refused to comment on the terms of the agreement, stating that they are a commercial secret. However, journalists recorded meetings between Isaienko and Mindich in private locations, including a bathhouse on Trukhaniv Island.
Experts compare this deal to other cases of ‘shadow’ investments in real estate in Ukraine. For example, a fund linked to Yurii Boiko invested more than $70 million in the construction of apartments in six residential complexes between 2015 and 2025. The schemes allowed for the acquisition of substantial apartment packages at reduced prices and their resale at a profit.
Mindichgate
- Earlier, Censor.NET reported that NABU was conducting searches at Mindich's residence, who left Ukraine a few hours before the searches.
- As reported, on Tuesday, 4 November, searches were conducted in one of the branches of the separate divisions of NNEGC Energoatom in connection with a corruption case.
- NABU is also conducting searches at the home of former Energy Minister Halushchenko and at Energoatom.
- NABU and SAPO announced a large-scale operation to expose corruption in the energy sector.
- The current Minister of Energy, Svitlana Hrynchuk, appears in NABU recordings as part of the investigation into corruption in the energy sector.
- Subsequently, the National Anti-Corruption Bureau exposed an office in central Kyiv belonging to the family of former MP and current Russian Senator Andrii Derkach. There, they kept "black accounts," recorded money, and organised money laundering.
- On 11 November, NABU released recordings featuring Minister Halushchenko and Mindich.
- Chernyshov has been notified of suspicion of illegal enrichment as part of Operation Midas.
- One of the suspects, Dmytro Basov, was remanded in custody with bail set at 40 million hryvnia.
- Galushchenko's former adviser Myroniuk was remanded in custody with bail set at UAH 126 million.
- The Cabinet of Ministers submitted proposals to the National Security and Defence Council to impose personal sanctions on Tymur Mindich and Oleksandr Tsukerman following a NABU investigation into corruption in the energy sector.
- Earlier, Ihor Myroniuk and the executive director of security at Energoatom, Dmytro Basov, who appeared in NABU's videos under the nickname Tenor, were remanded in custody for 60 days.
- Another suspect, Lesia Ustymenko, was also remanded in custody for 60 days.
- The High Anti-Corruption Court chose a preventive measure for Ihor Fursenko (known as Ryoshik in NABU recordings), a suspect in a case of corruption in the energy sector.
- On 13 November, the High Anti-Corruption Court arrested Liudmila Zorina, with bail set at 12 million hryvnia.
- Zelenskyy imposed sanctions against Mindich and Tsukerman.
