"Apteka Dobrogo Dnya" is making a movie: how Chervonenko and Mindich's holding company is hiding billions in profits from the prosecutor's office

We have already covered this story, but new developments in the investigation into the activities of the “Pharmastor” group (the “Apteka Dobrogo Dnya” chain) compel us to revisit the case of pharmaceutical millionaire Igor Chervonenko. 

He likely remains a secret partner of sanctioned businessman Timur Mindich, as most investigators stubbornly overlook his role. And the latest facts uncovered—a sudden change in the company’s business profile and millions in profits from government tenders—suggest that the scope of the story should be expanded. 

Law enforcement agencies are investigating criminal case No. 12025100120000127 regarding the embezzlement of 2 billion hryvnias through fictitious royalties for “disinfection and ultrasound against rats,” while the business operations of Farmastor LLC exhibit registration and financial irregularities.

Background: the Limassol offshore map and Timur Mindich’s interest

A map of Timur Mindich’s connections on the Mindichgate website appeared back in the winter and listed about three dozen officials, politicians, and businessmen. However, investigators noticed a significant gap: for a long time, the map lacked the name of the business owner through whom, according to investigators, significant financial flows may be passing. We are talking about Igor Chervonenko’s pharmaceutical empire.

The key holding company in this structure is Farmastor LLC, whose revenue for 2024 amounted to 4.24 billion UAH. According to the YouControl system, nearly 90% of Farmastor’s authorized capital (64.4 million UAH) belongs to the Cypriot company Pharminvest Holdings Limited. Insider sources note that real control over the assets is concentrated in the offshore corridors of Limassol, with over 30% of this Cypriot offshore entity linked to structures close to Timur Mindich.

Mindich met with Igor Chervonenko through a mutual acquaintance, with the aim of helping the beneficiary’s older brother, former Minister of Transport Yevhen Chervonenko, escape sanctions pressure. Investigators believe that the transfer of a stake in the pharmaceutical holding company likely served as payment for resolving these issues. 

Shadow Royalties: The Essence of the Criminal Case

In parallel with the political connections, the holding’s operational activities are currently being thoroughly examined as part of criminal proceeding No. 12025100120000127, opened in May 2025 under Part 3 of Article 209 of the Criminal Code of Ukraine (legalization of property obtained by criminal means).

According to the Office of the Prosecutor General, the organizers of the scheme established a foreign representative office in Ukraine as early as 2021, under which they registered patents for “utility models”—specifically, for “methods of disinfecting premises” and “rat control using ultrasonic radiation.” Between 2022 and 2025, about ten major pharmacy chains (a total of 183 legal entities) entered into licensing agreements and paid millions in royalties for the use of these technologies.

As the prosecutor’s office explains, the services were either not provided at all or existed solely on paper, since the disinfection instructions proposed methods that “did not exist,” thereby depriving the transactions of any real economic substance.

In addition to Farmastor LLC (the “Apteka Dobrogo Dnya” chain), the following entities appear in the case materials as likely participants in the money laundering scheme:

• The “ANC” chain (“ANC Pharmacy” LLC, “Low-Price Pharmacy TM,” “Kopiyka Pharmacy”);
• Regional branches of the “Podorozhnik” group (“Podorozhnik Kyiv,” “Podorozhnik Khmelnytskyi,” etc.);
• The “Pharmacy” chain (Pharmacy of Kyiv LLC, Pharmacy of Vinnytsia Region LLC);
• Other participants: “Solomiya-Service” Private Enterprise, “Prana-Farm” LLC, “Osan” Private Enterprise, “Biocon” Pharmacy Association LLC.

Financial flows were accumulated in the accounts of the Representative Office of the Polish company “SKIL TRADE SP. Z O.O.” (registered in Odesa) and the Representative Office of “KVIK VENT OU.” In total, over 2 billion UAH was funneled through them. Subsequently, this money was transferred for the alleged purchase of “household goods” through a chain of 101 companies, 26 of which have already been officially recognized as fictitious in other criminal cases.

According to the investigation, the state budget may have lost at least 361 million UAH in income tax. Additionally, in court documents, the prosecutor’s office suggests that the converted “cash” may have been used for informal financial incentives to doctors, so that they would encourage patients to purchase specific medications from designated chains.

Currently, the organizer of the scheme, as well as the nominal heads of the controlled entities (in particular, former director Viktoria Kravchenko, who was later listed in the registries as Natalia Ivanova), have been notified of the charges. On January 21, 2026, the Pecherskyi District Court of Kyiv froze the accounts of both representative offices, blocking any transactions except for tax payments and salary disbursements, and on April 27, 2026, the appellate court upheld this freeze.

The Holding’s Business Structure and Financial Paradoxes

Pharmastor LLC serves as the parent company for a number of large pharmaceutical enterprises with substantial financial turnover. The scale of the group is clearly illustrated by the companies’ reported gross revenue figures for 2024:

• APTEKA DOBROGO DNIA LLC (Pharmastor’s stake — 10%) — UAH 1.438 billion;
• ZIRKA PHARMACEUTICALS LLC (100% owned by Pharmastor) — UAH 571.1 million;
• MK “IRIS” LLC (Pharmastor’s stake — 24.5%) — UAH 509.4 million;
• RAM RUAN LLC (Pharmastor’s stake — 24.5%) — UAH 497.2 million;
• "FARMVEST PLUS" LLC (Pharmastor’s stake — 24.5%) — UAH 36.8 million;
• APTEKA DOBROGO DNIA-KYIV LLC (Pharmastor’s stake — 10%) — UAH 31.6 million.

However, an analysis of Farmastor’s own financial statements reveals a unique anomaly. During the period of active “patent royalty” payments, the company’s net profit rapidly approached zero despite billions in revenue:

• 2023: Revenue — 3.69 billion UAH, net profit — 9.6 million UAH;
• 2024: Revenue — 4.24 billion UAH, net profit fell to 2 million UAH;
• 2025: With revenue of approximately 4.2 billion UAH, the company officially reported a net profit of just 112,000 UAH.

At the same time, on June 20, 2025—less than a month after the opening of a criminal case regarding patents — Farmastor LLC suddenly registered KVED codes atypical for its business profile: “production of motion pictures and videos” (59.11) and educational activities. Analysts suggest that the emergence of a film production profile in the midst of the investigation could potentially indicate the preparation of new channels for siphoning off funds under the guise of purchasing copyrights or media content.

At the same time, Ihor Chervonenko himself owns significant real estate assets. According to registry data, he is registered as the owner of two apartments in the very center of Kyiv on Volodymyrska Street (across from St. Sophia Cathedral), and likely also owns an apartment on Lesia Ukrainka Boulevard (45.5 m²) and a 344 m² apartment on Velyka Zhytomyrska Street.

Millions in public funds amid criminal proceedings

“Paper” losses and the status of a defendant in criminal cases do not prevent Farmastor LLC from being an active participant in the Prozorro market. In total, the company has won 747 government tenders.

In 2024, the value of state contracts it signed amounted to 40.8 million UAH; in 2025, 16 million UAH; and in the first five months of 2026, the company has already signed agreements worth 7.6 million UAH. Significantly, the main purchasers of medicines are state medical institutions and law enforcement agencies:

1. KNP “Psychiatry Clinical Hospital” (Kyiv) — contracts worth 25.7 million UAH;
2. Specialized Territorial Medical Association in Zaporizhzhia — over 9 million UAH;
3. Main Military Clinical Hospital — 3.3 million UAH;
4. SBU Military Medical Directorate — 1.4 million UAH.

Systemic tax trails and prescription violations

“The patent case” is just one element of the group’s operational history. The court registry indicates the existence of other systemic incidents:

• Fictitious marketing: Previously, the State Fiscal Service investigated the activities of Farmastor LLC and Pharma-City LLC as part of Case No. 756/16262/20. They were accused of using non-delivery transactions and fictitious advertising services to minimize taxes by over 53 million UAH (estimated budget losses—7.4 million UAH).
• Shadow insurance: Pharmacy No. 1 Trasfarm LLC was mentioned in materials regarding possible tax evasion through fictitious risk insurance schemes, as well as in a corruption case involving officials of the Kyivreklama municipal enterprise.
• Prescription drug crimes: Companies within the group have repeatedly been implicated in cases involving violations of regulations governing the trade in controlled substances. At Pharmacy No. 61 in Lubny (Dobryi Den Pharmacy LLC), police documented the sale of codeine-containing medications without prescriptions or receipts. And the manager of Poltava Pharmacy No. 16 (Zirka Farmatsevtiki LLC) was tried for the illegal dispensing of narcotic drugs (Case No. 554/5476/22), where she pleaded guilty and was released on the good faith of her colleagues.

Cartel Collusion and an Ultimatum to the Ukrainian Pharmaceutical Industry

An additional factor putting pressure on the business model of large chains was an investigation by the Antimonopoly Committee of Ukraine (AMCU). The agency opened proceedings following an official complaint from the pharmaceutical company “Darnitsa.”

According to AMCU materials, starting in February 2025, large pharmacy chains (“Apteka Dobrogo Dnya,” “9-1-1,” “Podorozhnik,” “Bazhayemo Zdorov’ya”) simultaneously ceased selling products from the three largest Ukrainian pharmaceutical manufacturers. Public demand for these essential medicines has not declined, so the AMCU views the retailers’ actions as a possible anti-competitive collusive conspiracy (boycott) aimed at forcing manufacturers to increase the volume of unofficial “marketing bonuses”—hidden fees for the right to sell medicines on store shelves. The investigation is currently in its final stage, and those involved face substantial fines.

Igor Chervonenko’s Position

To ensure comprehensive coverage of the situation, journalists prepared an official inquiry to Igor Chervonenko with a list of questions regarding the nature of his relationship with Timur Mindich, the existence of a joint business interest, and details of their interactions.

In response, the editorial office received an official letter from Igor Chervonenko’s representative—attorney Iryna Kostenko. The attorney described the media inquiry as an “information mishmash” aimed at discrediting her client. She noted that the information being disseminated is “negative and defamatory, which has a destructive impact on his business reputation and causes significant financial damage.”

By the way

An unexpected player has emerged in the NABU and SAPO investigation into the “Dynasty” cottage community in Kozin: the Ukrainian pharmaceutical industry. Not that it made a big splash—it was merely mentioned in passing. The investigators’ focus is entirely on corruption at “Energoatom,” while the role of pharmaceutical companies, through which funds were “laundered” for the country’s top officials, remains unfairly overlooked.

During the release of materials on “Mindichgate” (the case regarding construction in Kozin funded by Timur Mindich’s criminal organization), NABU briefly mentioned the money-laundering scheme via the so-called “Form-1.” And for good reason. After all, it is precisely this “conditionally white” financing channel that explains a great deal about how the real sector of the economy became integrated into the corrupt ecosystem of Oleksiy Chernyshov, Andriy Yermak, and Timur Mindich.

When exactly will Chervonenko appear on NABU’s lists and on the “MindichGate” website? UA.News journalists asked MP Yaroslav Zheleznyak (hereinafter—the MP’s direct quote)?

When will Ihor Chervonenko be added to the list of suspects?

It is difficult to say at this point whether he will become an official suspect in the “Midas” case. We need to study the case materials in detail, to which we currently do not have full access. So far, we have only seen him in group photos. However, there was one strange episode: Vasya Vesely, along with Tsukerman (a key figure in the case), for some reason went into one of the pharmacy chains. What they were “treating” there is a question for NABU.

Journalists continue to monitor the progress of court hearings and the final decisions of the antitrust authorities.

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