Fukhs suspected of siphoning nearly UAH 2 billion from Kyiv Metro via leasing

Investigation of leasing payment scheme

The Security Service of Ukraine and the Office of the Prosecutor General are investigating a possible scheme to siphon significant funds from the Kyiv Metro State Enterprise. According to the investigation, Pavlo Fukhs may be involved in these operations. The main channel for siphoning money is cited as leasing payments for 100 metro carriages, part of which, law enforcement officials believe, may have been transferred to accounts of associated individuals and directed into cryptocurrency.

Court decision on asset seizure

Based on investigative materials, the Shevchenkivskyi District Court of Kyiv, upon the request of a prosecutor from the Office of the Prosecutor General, issued a decision to seize funds in accounts at the payment institution Papaya Ltd. These accounts are linked to Pavlo Fukhs and another individual. A seizure was also placed on the balance of loyalty programme points of the Estonian company Baltic Technology Solutions OU. Any expenditure operations with these funds are currently prohibited.

Origin of the leasing agreement

In July 2009, Ukrrosleasing LLC won a tender for the leasing supply of 100 carriages for the Kyiv Metro. The total value of the contract, taking into account the payment schedule, was UAH 1.391 billion. Part of the financing was provided by the European Bank for Reconstruction and Development.

In February 2010, the owner of the Ukrainian company became the Cypriot entity Ukrrosleasing Cyprus Limited. It provided a loan of over USD 42 million to the Ukrainian subsidiary for the purchase of carriages from Russian manufacturers. According to case data, funds for the loan were previously received from the Russian state bank VEB.RF.

Ownership changes and Pavlo Fukhs' role

In April 2017, Pavlo Fukhs, through the Seychelles company TOP STONE LTD, purchased 100% of the shares in Ukrrosleasing Cyprus Limited from an entity affiliated with VEB.RF. According to available data, the deal was formalised at nominal value, but the investigation suspects that actual settlements may have been made through parallel payments.

In December 2018, the formal owner of the company became the Hungarian Odelus-Construkt KFT, represented by Austrian citizen Uwe Christian Eschner. Meanwhile, the heads of the Cypriot and Ukrainian companies did not change. In open Ukrainian registries, Eschner is listed as the ultimate beneficial owner of the Austrian-Hungarian Leasing Company LLC (formerly known as "Ukrrosleasing"). The founder is listed as Ukrrosleasing Cyprus Limited, and the director as Oleg Tolstik. Pavlo Fukhs himself previously stated that he sold the company in 2018.

Route of Metro funds transfer

According to the investigation, from the end of 2018 to 2022, over UAH 1.75 billion, equivalent to approximately EUR 57 million, was received from the accounts of the Kyiv Metro to the account of the leasing company.

Of this amount, UAH 886.5 million (approximately EUR 28.88 million) was transferred by the company to accounts of Ukrrosleasing Cyprus Limited at Austrian banks LGT Bank AG and Bank Winter & Co. AG. The payment purpose indicated the repayment of a loan under the 2010 contract.

The investigation also points to a possible non-payment of profit tax on these sums of at least UAH 54 million. Previously, the Supreme Court recovered UAH 1.924 billion from the leasing company in favour of the Kyiv Metro.

Subsequently, according to case materials, funds from the Cypriot company's Austrian account were transferred to Pavlo Fukhs' personal account at LGT Bank, as well as to accounts of Odelus-Construkt KFT, the Swiss IAS INCOR ALLIANCE SWISS AG, and the Cypriot company secretary.

Part of the money from the accounts of Odelus-Construkt KFT and the personal account, the investigation claims, was transferred to Pavlo Fukhs' relatives and former girlfriends. Among the amounts specified in the materials are EUR 1.63 million for his daughter, EUR 1 million for his wife, EUR 5 million for his son, and EUR 4.6 million for his ex-wife. Part of the funds also went to the Emirates NBD bank in the United Arab Emirates.

Cryptocurrency operations and criminal qualification

Starting in 2025, the investigation has recorded cryptocurrency transfers through the Lithuanian and Polish companies Manerio, as well as the Maltese electronic money institution Papaya Ltd.

According to case materials, tens of millions of euros accumulated in Pavlo Fukhs' accounts at Papaya and the associated Estonian company Baltic Technology Solutions OU, which administers the loyalty programme. Sources of inflows include the sale of USDC stablecoins and transfers from the Austrian Petrotek Assets Holding GmbH. Part of the funds, according to the investigation's version, went to other individuals.

The criminal proceedings cover qualifications under articles of the Criminal Code of Ukraine regarding sabotage, laundering of property obtained by criminal means in an especially large amount, and evasion of tax payment in an especially large amount.

Currently, the court has seized the specified funds and the loyalty programme points balance, prohibiting their alienation and use. The circumstances of the case and the role of each of the persons involved must be established within the scope of the investigation.