The State Bureau of Investigation May Reopen the Case Involving Land Near the Kyiv Hydroelectric Power Plant, in Which Ihor Mazepa Was Involved — Expert
The State Bureau of Investigation’s probe into the illegal appropriation of land belonging to the Kyiv Hydroelectric Power Plant has likely been suspended following the passage of a special law. The 2025 legislative act, referred to in the media as the “Mazepa Law,” provides for the removal of liability due to the statute of limitations for all land acquirers, even if the land was obtained in violation of the law. Among those implicated in one such case was Ihor Mazepa, the owner of the Concord investment bank. Serhiy Lyamets, former editor of “Ekonomichna Pravda,” writes about this in his expert blog.
“It cannot be ruled out that the case has been shelved or closed on the basis of a provision of the law that has retroactive effect… Officially, Mazepa has not been found guilty in the case involving the land of the Kyiv Hydroelectric Power Plant, and the current status of the State Bureau of Investigations’ (DBR) investigation is unknown,” he believes.
In January 2024, investigators from the State Bureau of Investigations (SBI) conducted searches at the “Konkord” office, and Mazepa was detained while attempting to leave for Poland. The investment banker and his brother were identified as suspects in an investigation into the misappropriation of more than 7 hectares of land within the protective embankment of the Kyiv Hydroelectric Power Plant and Pumped-Storage Power Plant Cascade. According to investigators, land belonging to the water fund was reclassified as agricultural land, then transferred to private citizens, who in turn sold it to developers. Cottage communities, including Shelest and Goodlife Park—both built by Mazepa—were subsequently developed on these plots. Oleksiy Sukhachov, head of the State Bureau of Investigation (DBR), stated that among the suspects are three well-known businessmen who divided the territories among themselves and reached agreements with officials to secure the necessary decisions.
After Mazepa’s arrest, some members of the business community spoke out in his support. Following Volodymyr Zelenskyy’s intervention on March 12, 2025, the Verkhovna Rada passed Law of Ukraine No. 4292-IX, which limited the state’s ability to reclaim land from a bona fide purchaser if more than ten years have passed since the initial acquisition. The law reduced the statute of limitations for such claims to three years. Importantly, the law has retroactive effect, which is a rather atypical practice. In the author’s view, Ukraine’s legislative branch has effectively legitimized the illegal seizure of land.
However, Lyamets emphasized that the state may revisit the case. The exemption from liability does not apply if the illegally acquired land is part of critical infrastructure. The dam of the Kyiv Hydroelectric Power Plant may fall into this category. In the author’s view, impunity in the case of the possible illegal seizure of land at the Kyiv Hydroelectric Power Plant could lead to the deaths of innocent people.
“I suspect that a further investigation could completely turn the situation around. If the investigation had reached the courts and, where warranted, resulted in a guilty verdict, it is quite possible that the likely tragic events would not have occurred. But now, people who purchased real estate from Mazepa and other ‘persecuted’ businessmen must take on serious risks. “Therefore, the final decision should not be made by politicians or the loyal media, nor even by loyal lawmakers, but by the documents of the criminal case and, ultimately, the court,” concludes the former editor of “Ekonomichna Pravda.”
The author noted that Mazepa has a reputation as a businessman prone to taking on high risks. He has repeatedly been implicated in a series of economic scandals involving land assets, debt obligations, and other projects. However, each time, the owner of “Concord” has avoided accountability, in part thanks to his connections within the Ukrainian government. In particular, Mazepa’s business history includes millions of dollars in unpaid bank debts, a case involving the TYME payment system’s collaboration with Russians, and claims from defrauded clients regarding PrivateFX schemes in the FOREX market.
The only case in which Mazepa failed to evade liability was a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The Commission determined that certain individuals had used hackers to obtain insider information. By using stolen press releases, in particular, the offshore company Concorde Bermuda Ltd (a hedge fund incorporated in Bermuda but with its principal place of business in Kyiv) earned approximately $3.6 million in profits.
“In February 2016, the SEC announced a settlement under which Concorde Bermuda was to pay $4.2 million. And it did pay. It is very important that the settlement was reached without either admitting or denying the SEC’s allegations,” Lyamets emphasized.
According to the author, Mazepa tends to conduct business on the edge of ethics and legality. By all accounts, in Ukraine he actively cooperates with the state, which he allegedly criticizes for interfering in business affairs.
“I wouldn’t be surprised if one day Ihor Mazepa finds himself in a situation from which neither his connections in power, nor the business community, nor Lady Luck herself can save him,” the author believes.
