Reported by Lars Bové (De Tijd), Yanina Korniienko (Slidstvo), Elena Loginova (OCCRP), Mašenjka Bačić (Oštro)

(Summary version featured below)

Belgian authorities have launched a money laundering investigation involving Iryna Kut, a Ukrainian businesswoman and owner of the diamond company IKG, based in Antwerp. As part of the probe, approximately $2 million has been seized. Concurrently, Ukrainian authorities are investigating Kut’s mother, Tetiana Hlyniana, for her alleged involvement in a scandal involving overpriced food sold to the military during Russia’s invasion. The two investigations have yet to officially confirm a connection, but authorities from both countries have reportedly been in communication. Kut has not been charged in either case and has declined to comment publicly.

The Ukrainian investigation focuses on allegations that companies linked to Hlyniana and Kut sold food to the military at significantly inflated prices, causing substantial losses to the state budget. One company, Meat Mix LLC, previously owned by Kut and later transferred to Hlyniana, is accused of illegal financial transactions and tax evasion. Authorities allege that these schemes resulted in losses of over $550,000. Several warehouses associated with Kut were also searched as part of the investigation. Despite these developments, neither woman has been named a formal suspect, and their legal representatives maintain their innocence.

In Croatia, Hlyniana has been linked to substantial real estate investments, including the purchase of hotels and other properties worth over $27 million. These acquisitions coincided with the Ukrainian investigation into the food scandal. Many of these properties were transferred in 2024 to a man named Dijan Jahjefendić under unusual contractual terms, allowing them to revert to Hlyniana’s ownership if payment is not completed by early 2025. The financial background of Jahjefendić, whose prior business ventures appear minimal, raises questions about his ability to afford these transactions.

Further complicating matters, both the Belgian and Ukrainian cases hint at possible financial irregularities involving companies controlled by Kut and Hlyniana. In Belgium, Kut’s company IKG is under scrutiny for alleged money laundering. In Ukraine, court documents reference unidentified individuals influencing companies involved in the military food supply scandal. While the investigations are ongoing, they underscore potential overlaps in the financial dealings of Kut and Hlyniana across multiple jurisdictions.

The overlapping investigations highlight broader issues of corruption and financial misconduct during Ukraine’s war effort. The Ukrainian probe has already resulted in the resignation of a deputy defense minister amid allegations of inflated military procurement. Meanwhile, Belgian authorities continue their inquiry into Kut’s diamond business. The cases underscore how illicit financial activities can span borders, intertwining luxury industries, wartime profiteering, and international real estate transactions.

Read full report: https://www.occrp.org/en/scoop/belgian-money-laundering-investigation-overlaps-with-ukraine-war-profiteering-probe