“Tax Evasion”: The Novynskyi Case

The criminal case against Vadym Novynskyi concerning alleged tax evasion exceeding UAH 4.3 billion has not yet been referred to court.

Criminal proceedings relating to the alleged evasion of taxes in excess of UAH 4.3 billion, in which Vadym Novynskyi is a suspect, have not been submitted to a court of law, despite the completion of the pre-trial investigation and the availability of expert findings.

According to the investigation, criminal proceeding No. 42023000000000464 was initiated on 21 March 2023 under Part 3 of Article 212 of the Criminal Code of Ukraine. The charges concern the intentional evasion of taxes on a particularly large scale. Investigators established that investment income received abroad in 2012 and 2014 was not declared in Ukraine.

In 2024, a forensic financial and economic examination was completed by experts of the Kyiv Scientific Research Institute of Forensic Expertise in cooperation with the Bureau of Economic Security of Ukraine. The conclusions indicate deliberate tax evasion of personal income tax, rather than an error or divergent interpretation of the law.

The investigation established that in 2012, Novynskyi received investment income amounting to USD 1.3 billion as a result of transactions between affiliated entities under his control. No tax declaration was filed, and tax liabilities exceeding USD 221 million were not paid within the statutory timeframe.

In July 2023, an additional episode relating to 2014 was incorporated into the case. According to the investigation, the suspect failed to pay more than EUR 160 million in personal income tax and EUR 14 million in military levy on investment income of EUR 943 million.

The total abount of confirmed unpaid taxes exceeds UAH 4.3 billion, as substantiated by the case materials and forensic examination.

Notwithstanding the completion of the investigation in 2024 and the transfer of the case materials to the State Bureau of Investigation, the proceedings have not progressed procedurally.

A notice of suspicion was served only in June 2025—shortly before the expiration of the statutory limitation period. Subsequently, investigators submitted a request for international legal assistance to Cyprus, which, according to assessments, may have contributed to delays in the proceedings.

As of now, the indictment has not been filed with the court, despite the accumulated body of evidence and the established factual circumstances of the case.