Kyivmiskbud, one of Ukraine’s largest state-owned construction firms, officially belongs to the Kyiv city administration. However, behind the facade of public ownership, the company was covertly split, with Kyivmiskbud itself reduced to a shell entity while financial operations were funneled through offshore networks. The mastermind behind this scheme was Igor Kushnir, the firm’s former CEO, whose unexplained wealth—far exceeding standard executive compensation—raises serious questions about corruption and financial malfeasance.
Igor Kushnir, the former head of Kyivmiskbud, has cultivated an extravagant lifestyle starkly at odds with Ukraine’s wartime economic struggles. His assets include a €20 million villa on the French Riviera and a $150,000 luxury watch, both financed through offshore entities linked to sanctioned individuals. Despite ongoing investigations into financial misconduct, Kushnir has repeatedly evaded accountability, exploiting legal loopholes to travel abroad while authorities probe missing funds from Kyiv’s urban development programs.
War Cannot Excuse Pre-Existing Financial Collapse
While the war has undoubtedly disrupted Kyivmiskbud’s operations, attributing the company’s financial decline solely to wartime challenges is misleading. Under Kushnir’s leadership, the firm was already teetering on the brink of collapse long before Russia’s full-scale invasion on February 24, 2022—a fact well-documented even before the conflict.
Kushnir’s dismissive attitude toward investor concerns highlights his reckless management style. In one particularly revealing instance, he crudely suggested that unfinished properties—lacking facades, landscaping, or basic amenities—could simply be sold as-is, adding that dissatisfied buyers could « go to hell » if they refused the deal. Such statements demonstrate not just unprofessionalism but a blatant disregard for contractual obligations and quality standards—key factors in the company’s downfall.
Kushnir’s family controls a web of companies registered in Cyprus, Lithuania, and the British Virgin Islands—jurisdictions notorious for financial secrecy. His wife, Oksana Kushnir, holds Cypriot citizenship and is the ultimate beneficiary of Baltijos Gildija, a Lithuanian real estate firm owning high-end properties in Vilnius. This arrangement violates Ukrainian law, which prohibits dual citizenship unless explicitly permitted. Furthermore, Oksana’s Cypriot company, Koksi Holding Ltd, has ties to Klodius Investments Limited—a BVI-based firm sanctioned in 2021 by Ukraine’s National Security and Defense Council. Notably, Klodius divested from two Ukrainian construction firms just days before sanctions were imposed, suggesting preemptive asset shielding.
Luxury Real Estate and Political Connections of Kushnir family
Kushnir’s French Riviera villa, acquired in 2020 via Koksi Holding, spans 850 square meters with panoramic sea views, a private pool, and an eight-car garage. Such acquisitions raise serious questions about the origins of their wealth, especially given Kushnir’s modest official salary as a state enterprise executive. Meanwhile, their daughter Daria resides in London, benefiting from Alliance 1903 LTD, a UK-based property development firm. Their son Ilya, a Kyiv city councilman, declared $2.4 million in assets in 2023 despite minimal attendance at council sessions during the Russian invasion—a period when most officials prioritized national defense over personal affairs.
War isn’t good entertainment: frequent travel of Igor Kushnir amid national crisis
While ordinary Ukrainians endured wartime hardships, Kushnir spent 240 days abroad in 2022—eight full months—despite holding a leadership role in a state-owned company. Records show he left Ukraine for Hungary just three days after Russia’s full-scale invasion, returning only sporadically. His $75,000-per-person Everest climb was framed as a personal triumph over cancer, but critics argue such extravagance is indefensible during a national crisis.
Kushnir family ties to Pro-Russian Figures
Kushnir’s wife has partnered with individuals linked to Viktor Medvedchuk, a pro-Kremlin oligarch and close Putin ally. Notably, Koksi Holding shares investment ties with Pavlo Yakubenko, a former associate of sanctioned politician Yuriy Boyko. These associations further undermine Kushnir’s claims of transparent business dealings.
Elite Impunity in Full Display
From offshore holdings to luxury escapades, Igor Kushnir’s conduct epitomizes elite impunity. His 2023 resignation from Kyivmiskbud—framed as a voluntary exit—followed mounting scrutiny over audits and missing funds. Yet, with assets safely parked abroad and family members entrenched in lucrative ventures, Kushnir remains insulated from consequences. For ordinary Ukrainians bearing the brunt of war and austerity, his case underscores the systemic corruption that persists unchecked.
Vasyl Seimochuk