The Link business centre in Vilnius, financed by Ukrainian businesses closely linked to Viktor Yanukovych and Viktor Medvedchuk, is on sale, signaling at attempt to move money out of Lithuania. LRT Investigation Team reports.
Two Ukrainian entrepreneurs own the Link and Core business centres in Vilnius through various companies.
Last year, LRT Investigation Team reported that the two business centres were financed by loans from the Cyprus-registered company Koksi Holding Ltd, the owner of which, Oksana Kushnir, has links to the Ukrainian elite close to the deposed president Yanukovych. Her company is also the main shareholder of the Lithuanian firms managing Link and Core business centres.
Read more: Shadow of Ukraine's Yanukovych behind development projects in Vilnius – LRT Investigation
Another Ukrainian, Volodymyr Kravets, was also involved in the development of the business centres. His family members are known in Ukraine as Yanukovych’s confidants. Last year, Kravets was elected to the Kyiv Council with Medvedchuk’s pro-Russian party Opposition Platform – For Life.
Medvedchuk, one of Ukraine’s richest men and a close friend of Vladimir Putin, was detained by Ukrainian law enforcement in early April. He was accused of high treason and has been under house arrest since last spring for attempting to plunder national resources in Crimea. Meanwhile, sanctions were imposed on Medvedchuk’s businesses.
However, Kushnir distances herself from Medvedchuk. The businesswoman says that there is and has been no relationship, either professional or personal, between her, her family members or her companies and Medvedchuk.
“Neither my husband nor I have ever seen Medvedchuk in the flesh,” Kushnir insists.
She also forwarded a comment by Kravets, who belongs to Medvedchuk’s party: “I am not acquainted with Medvedchuk, I have never met him, spoken to him or had any work contacts with him.”
Turning into cash
The Link business centre, which opened in 2018, is owned by the Lithuania-registered company Baltijos Gildija. The offices in the building are leased by Lithuanian IT and media companies. According to the LRT Investigation Team, the building’s net income amounts to around 2 million euros.
The Link business centre is now on sale for 25 million euros, according to a source in the real estate market. But finding a buyer is not easy.
The business centre was already on sale several years ago, but the buyer withdrew from the deal after looking into the shareholders’ history. People familiar with the situation also revealed that Lithuanian banks are reluctant to finance the purchase of the property due to its owners’ connections.
Ina Danilova-Milligan, head of Baltijos Gildija, did not answer whether the Link business centre was on sale several years ago. But, according to her, the war in Ukraine and the pandemic disrupted supply chains, so functioning premises, such as the Link business centre, have become attractive in a heated real estate market.
“So, we can confirm that there has been interest from market participants in the Link business centre for some time. However, we do not have anything to report yet,” Danilova-Milligan said in a written response.
But according to analysts, in the wake of Russia’s war in Ukraine, the sale of the centre is an attempt by the owners to cash out.
“We are well aware that sanctions can be applied not only directly to Yanukovych but also to those who are linked to him. Naturally, these people are trying to protect their money. It is the task of the Lithuanian structures to ensure that this money does not leave the country,” Marius Laurinavičius, a political analyst, told LRT.
Danilova-Milligan responded briefly: “We will repeat ourselves – we have nothing to report yet.”
However, Kushnir told LRT that she has no relations with Yanukovych.
“Neither I nor my family members have ever known him or had any business relations with his circles,” the owner of Koksi Holding Ltd said.
Kravets also completely dissociates himself from any relationship with the former Ukrainian president.
“In 2010, when Viktor Yanukovych became the president of Ukraine, I was 16 years old, I was studying and living in the Kyiv Sports Lyceum-Boarding School and playing professional sports. After finishing school, I studied at university. Accordingly, I do not have and have not had any relationship with Viktor Yanukovych. As far as my family is concerned, after Viktor Yanukovych left Ukraine in 2014, nobody had any contact with him or his entourage,” Kravets commented in his reply.
Some companies leasing offices in the Link business centre say they will move out as soon as their contracts expire.
Tomas Balžekas, the head of 15min media group, said he decided to look for a new office in September last year. He has also contacted the authorities.
“We have contacted Lithuanian state institutions about the possible threat to Lithuania’s national security posed by the building’s owners [...]. We asked for guidance to the tenants of the offices in this building,” Balžekas said in a written response.
According to the Financial Crime Investigation Service (FNTT), a complaint or a report of criminal activity must be received to open a pre-trial investigation into the activities of Kushnir and Kravets.
“Over the last few years, we have not received any new information, reports, or complaints, and there was no reason to open a pre-trial investigation. However, we are aware of the scheme and the persons involved,” said Mindaugas Petrauskas, deputy director of FNTT.
Laurinavičius said he was “very surprised that no one has looked into this money for a year”.
“We don't’ have a systematic approach on how to fight this and how to keep this money out of Lithuania,” he added.
UPDATE: The story was complemented with comments from Oksana Kushnir, Volodymyr Kravets and Ina Danilova-Milligan on January 4, 2023. The additions are marked in italic.
Newsletter
Every Friday morning.
