On Thursday, billionaire Igor Kolomoisky, who is in custody on suspicion of fraud, handed over control of 1+1 Media, one of Ukraine’s largest media groups, to its general director for five years, according to Reuters.
The decision was made on Monday because Kolomoisky is currently unable to fully fulfil his duties, the group said in a statement. The statement also said it was necessary to “protect and preserve the principles of freedom of speech, impartiality and objective reporting”.
Kolomoisky amassed vast industrial wealth and wielded enormous political and economic influence after the collapse of the Soviet Union in 1991.
However, the war in Ukraine has destroyed their industrial assets in the east and south of the country, and the TV channels they controlled have been broadcasting under a centralised signal since the war began in February 2022.
In September, Kolomoisky was charged with embezzlement after he was detained on suspicion of fraud and money laundering. Kolomoisky does not admit his guilt.
Kolomoisky’s media group owns the 1+1 TV channel, which has been one of the most influential and popular channels in Ukraine for decades. The group also includes a number of other TV channels, media resources such as the UNIAN news agency, and production units.
Ukrainian President Volodymyr Zelensky gained fame as a humourist and actor, appearing in a show aired on the 1+1 channel. He denies Kolomoisky had any influence over his government.
The group said in a statement that the corporate changes would allow the CEO to make any necessary decisions regarding the holding company, with the exception of Kolomoisky’s corporate rights and dividends.
