Former Yushchenko adviser Kinakh will profit from Ukrainian gas.

Having become immensely wealthy while serving as Yushchenko's advisor, Yaroslav Kinakh has now focused his attention on the gas production industry. Government agencies have already trumpeted the fact that foreign investment is coming to Ukraine.: The tender organized to find a developer of shale gas wells in the Yuzivska area (eastern Ukraine) was won by the Dutch company Yuzgas BV

It would seem encouraging to see such serious investors coming to the country (according to the tender organizers, they intend to invest over $400 million in the project). But one detail spoils the impression: Yuzgaz is merely a shell company, hastily registered in the Netherlands, and is wholly owned by the Emerson Capital group. The latter, in turn, is led by the notorious Yaroslav Kinakh.

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The fact that he amassed a substantial fortune under Viktor Yushchenko isn't the worst of it: his "heroic exploits" include raising funds in Canada to prospect for minerals in Ukraine (including gold in the Carpathians). Black Rock Minerals is now worth 20 times less than when the money was raised, with over $100 million wasted, and the prospecting efforts yielded zero results. Experts claim that such companies are created solely for financial fraud, and the public procurement oversight system should immediately detect and weed them out. Moreover, Yuzgas BV has no other projects or investors listed, so it appears to be yet another corrupt scheme, one that doesn't even hint at foreign investment.

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