Former MP and agribusinessman Oleg Bakhmatyuk, known as one of the country's largest agrarian tycoons, has been involved in high-profile criminal cases for years, but remains virtually beyond accountability. Despite suspicions of multi-billion-dollar embezzlement, bribery, and debts to the state of billions of hryvnias, his business assets are not confiscated, and the cases drag on in the courts without final decisions.
Bakhmatyuk began his career in the gas sector, but since the early 2000s he has focused on agribusiness. His holding company Ukrlandfarming, at its peak, controlled 670,000 hectares of land, 23 poultry farms, 24 grain elevators, feed mills, and livestock farms. At the same time, the businessman owned the banks VAB Bank and Financial Initiative, which later became the source of the biggest problems.
Criminal cases
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In 2019, NABU opened proceedings regarding the embezzlement of UAH 1.2 billion of the NBU stabilization loan provided to VAB Bank. Bakhmatyuk was notified of suspicion in absentia and put on the wanted list.
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According to the investigation, in 2015–2016, the then head of the State Fiscal Service, Roman Nasirov, helped an agro-baron receive UAH 3.2 billion in VAT compensation for a bribe of USD 5.6 million and EUR 21 million — this is considered the largest bribe in the history of Ukraine.
In February and March 2024, both indictments were filed with the High Anti-Corruption Court. However, the cases then effectively “stuck”: dozens of decisions, hundreds of documents, but not a single verdict.
In the court documents, Bakhmatyuk is listed as "Person No. 11" — a bribe-taker who was involved in every episode. However, due to his stay abroad, he is physically absent from the proceedings.
In addition to criminal cases, Bakhmatyuk remains one of Ukraine's largest debtors.
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The businessman himself admits to having debts of $2 billion.
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Its banks owe about UAH 7.9 billion to the NBU alone.
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Oschadbank is trying to return UAH 5 billion of Ukrlandfarming's debts by putting them up for auction three times in 2025, but no buyers have been found.
In fact, the state did not receive a single penny, and the agricultural holding is on the verge of bankruptcy.
Experts explain the lack of progress in the cases by several factors:
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corruption and "bought time", when the investigation is formally working, but delays the process until the statute of limitations expires;
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low competence of investigators, which leads to failures in the evidence base;
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risks for the state: agribusiness is difficult to nationalize and transfer to management - poultry farming and large-scale farms require professional management, and in the event of a shutdown of enterprises, social riots are possible;
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political component: the fate of the case can change only in the event of a "redistribution of influence" within the government or under pressure from Western partners.
Oleh Bakhmatyuk is a prime example of a Ukrainian untouchable oligarch who, thanks to political connections and chaos in the law enforcement system, avoids responsibility. His billion-dollar debts have effectively been shifted to the state and bank depositors, while cases of record-breaking bribes and embezzlement are pending at the Supreme Court of Ukraine.
Until the authorities make a decision on confiscation or nationalization of his assets, Bakhmatyuk's business empire remains a source of financial problems for the state and a symbol of the impunity of big business in Ukraine.
