The investment fund of businessman Timur Mindich, who is wanted by NABU, purchased property rights to 77 apartments in the Riverdale business-class residential complex in Kyiv at a discount of over 60% in January 2022. The total amount of the discount provided exceeded $5 million.
As Economic Truth found out, the Genesis investment fund, associated with Mindich, bought apartments in the Riverdale residential complex, which is located near the Demiivska metro station and is a project of the developer Perfect Group. According to documents, the fund paid about $640 per square meter, while the market price at that time started at $1,700 per "square meter."
Such a significant underestimation of the cost seems anomalous even for package investors, who usually receive discounts of 20–40% in the initial stages of construction. Market experts emphasize that discounts of more than 50% are practically not found in the business segment.
In November 2025, the NSDC imposed sanctions on Timur Mindich after the NABU reported the suspicion. The assets of the Genesis fund were blocked, but the apartments in the Riverdale residential complex were not subject to restrictions, as the contract between the fund and the developer was terminated a month before the sanctions were imposed. The official reason was the delay in the construction of the complex.
As of December 2025, the Riverdale residential complex has not been completed. According to the founder of the development company A-Development, Oleksiy Baranov, the project is currently frozen due to the lack of demand for premium housing in the current economic situation. According to the initial plans, the houses were to be put into operation at the end of 2024, but currently only the concrete frame of one building is ready, and active construction work is not underway.
