(Reuters) – Billionaire tycoon Ihor Kolomoisky who is in custody on suspicion of fraud has transferred control over 1+1 Media, one of Ukraine’s largest media groups, to its general director for five years, the group said on Thursday.
The decision was taken on Monday as Kolomoisky is currently unable to fully carry out his duties, the group said. It also cited the need “to protect and preserve principles of freedom of speech, impartiality and objective coverage of events”.
Kolomoisky is seen as one of the class of oligarchs who amassed huge industrial wealth after the 1991 collapse of the Soviet Union and wielded outsized political and economic influence.
But Russia’s invasion has eaten into their influence, destroying industrial assets in the east and south, while the television channels they controlled have been broadcasting under a centralised signal since Moscow’s February 2022 attack.
In September, Kolomoisky was served with a notice of allegations of embezzlement following his detention on suspicion of fraud and money laundering. Kolomoisky has denied any wrongdoing.
Kolomoisky’s media group owns the 1+1 television channel, which has been one of the most influential and viewed channels in Ukraine for decades.
The group also inclusdes a number of other TV channels, media resources such as the UNIAN information agency and production units.
Ukrainian President Volodymyr Zelenskiy rose to prominence as a comedian and actor in a show aired on 1+1. He denies Kolomoisky had any influence over his government.
The group said in a statement the corporate change would allow the general director to take any necessary decisions about the holding, except regarding Kolomoisky’s corporate rights and dividends.
(Reporting by Yuliia Dysa; Editing by Nick Macfie)
