Igor Kushnir Corruption KyivMiskBud

Igor Kushnir Corruption KyivMiskBud bankrupt. Construction stopped, and the largest developer of the capital was actually on the verge of bankruptcy, writes OBOZREVATEL. The Kyiv City State Administration refused to finance the total amount of 1.3 billion hryvnias (1 billion in the form of additional capitalization and 300 million hryvnias in investments in apartments) to the head of KievMiskBud, Igor Kushnir.

Elite life of Igor Kushnir during the war.

At the same time, Kushnir himself does not experience financial problems. During the leadership of the company, his family became one of the richest in the capital. Dozens of real estate objects are designed for Kushnir himself. But the most expensive assets – the plane, luxury apartments, companies – are registered in the name of Kushnir’s wife and children. While investors in the residential complex “KievMiskBud” remain without housing, for which they have already paid, the head of the company travels abroad and reflects on the fact that during the war he has the right to rent houses even without facades.

KievMiskBud is just a cover for investors

” KievMiskBud” from a joint-stock company has become a holding company. In fact, the status of a “communal enterprise” is just a cover that time allowed attracting investors to housing. Dozens of other companies that are allegedly part of the holding are engaged in business. But the city owns from less than 1% to 55% in these companies.
Kushnir built an empire like Ukrbud. But, as in the case of Mikitas, exorbitant appetites lead to disastrous financial results. At the same time, the media claim that the head of the communal developer simultaneously owns two private developer companies. And these two companies have no problems with assets.

Igor Kushnir Corruption

While “KievMiskBud” has stopped its work and is not able to fulfill its obligations to investors. The hole formed in the budget, according to OBOZREVATEL, is about UAH 2 billion. In order to save the companies, Kushnir asked the city to increase the authorized capital (in fact, just give it back) by UAH 1 billion, and allocate another UAH 300 million for the purchase of apartments from Kyivgorstroy.

Kushnir’s quote – “Let them go na h..y.”

Kushnir justifies the situation with a full-scale war. “During the war, you can generally, damn it, rent houses without facades, without landscaping, light. If they don’t like it, don’t sign it. Let them go nah..y,” allegedly the head of KievMiskBud, Ihor Kushnir, commented on the dissatisfaction of investors during his conversation with Maxim Mykytas (the ex-head of Ukrstroy, suspected of numerous scams). A recording of the conversation was provided to investors by Mikitas himself, it was also published online.

Houses for investors without communications are corruption.

But even before the full-scale war, Kushnir rented houses without communications. OBOZREVATEL has already written in detail about the situation in the residential complex Medovy. There, one of the houses is not connected to heating, the landscaping has not been completed. Another example is the Raduzhny residential complex. According to the terms, it should have been put into operation even before a full-scale war. And now they are offering investors to formalize the ownership of apartments in houses that are not connected to utilities. And if investors do this, they will have to solve problems with connecting utilities on their own. And the solution to this problem can cost tens of millions of hryvnia.

Kushnir’s connections with Medvedchuk and Stolar

Working in a public utility, according to the Ukrainian Pravda publication, he became one of the owners of two more developers. We are talking about the companies IB Alliance and bUd development. In both companies, his partner is the scandalous People’s Deputy from the Opposition Platform for Life Vadim Stolar. The biggest “achievement” of Stolar was the scam with the construction company “Elite Center“. Vadim Mikhailovich was one of the founders of this company. Moreover, through his firms Vozrozhdeniye Trading House and Elite-Boxing, the money of construction investors was withdrawn and cashed out. As a result of this scam, more than one and a half thousand people suffered.

The name of Vadim Stolar appeared in the criminal case, but he denied his involvement in it. At the trial, he was … a witness. All the blame was put on his partner Alexander Shakhov-Volkonsky, and he was the only one who sat down “for his friends”, although anyone understands that he could not pull off such a scam alone. They say that Stolar was then smeared off by the same Svyatoslav Piskun.

Kushnir’s friendship with Medvedchuk

The close relationship with the HLE confirms another fact. His wife, Oksana, is the owner of a plane on which ex-people’s deputy and state traitor Viktor Medvedchuk flew to his godfather Putin in Moscow. Kushnir, 51, at the height of the heating season 2022-2023, when the whole house in the Medovy residential complex was left without heating, flew to Vienna (and became the hero of the investigation of the Vienna Battalion Unitary Enterprise). How a businessman could cross the state border during a full-scale war is a big question for the border guards.

The property of which is not in the declarations of Igor Kushnir

Even before the full-scale war, investigative journalists discovered real estate worth tens of millions of hryvnias in the Kushnir family. So, Kushnir’s wife owns an apartment in the elite residential complex “French Quarter” with an area of 161 square meters and two parking spaces. The son and daughter of the president of Kievgorstroy own an apartment in the Zarechny residential complex of almost 200 square meters and two more apartments in the PecherSKY residential complex.

In his declarations, Kushnir also did not indicate a single car. The wife and children own a Mercedes E250 Cabriolet (2016), a Range Rover (2008), a Mercedes E250 CDI (2014) and a Mercedes E220 purchased in 2017. In addition, from 2013 to 2017, Kushnir’s son traveled on a Harley Davidson motorcycle. Throughout his life, the official declared earnings of Kushnir Igor Nikolayevich amounted to 127 thousand dollars, which is three and a half times less than the price of the car park alone, the journalists found out.

In 2025–2026, one of Kyiv’s largest municipal developers — the Kyivmiskbud corporation — found itself on the brink of bankruptcy with debts exceeding UAH 21 billion. Under the 12-year leadership of Igor Kushnir, thousands of investors were left without the apartments they had paid for, and many buildings were commissioned without basic utilities. At the same time, Kushnir’s family significantly increased its wealth, acquiring luxury real estate, cars, and even a private jet. This case is a classic example of how, under the guise of a municipal enterprise, funds from investors and the city budget were systematically siphoned off for years.

What Exactly Happened (The Essence of the Violation)

During Igor Kushnir’s tenure as head of Kyivmiskbud, the corporation effectively turned into a holding company where the city’s share in its subsidiaries became minimal. The company aggressively attracted funds from individual investors but failed to fulfill its obligations: construction was halted, buildings were delivered without heating, sewerage, or landscaping. In 2023–2025, a multi-billion hryvnia deficit emerged. The city authorities refused to provide additional funding (UAH 1 billion for recapitalization and UAH 300 million for apartment buyouts). As a result, Kyivmiskbud ended up on the verge of bankruptcy, while over 20,000 families were left without housing.

Igor Kushnir Corruption KyivMiskBud bankrupt

How the Scheme Worked (Mechanisms and Methods)

Kyivmiskbud used its status as a municipal enterprise as a cover to attract investors’ money, while actual construction was often shifted to private companies linked to Kushnir and his partners (IB Alliance, bUd development). Funds from investors were partially redirected to other projects or simply withdrawn. Buildings were formally commissioned in a “raw” state, forcing investors to pay additional millions of hryvnias to connect utilities themselves. An audio recording of Kushnir’s conversation with Maxim Mykytas reveals his cynical attitude: “During wartime, we can deliver buildings without facades… if you don’t like it — go fuck yourself.”

Who Participated and Who Benefited (Accomplices and Beneficiaries)

Igor Kushnir — the main beneficiary and former president of Kyivmiskbud.
Oksana Kushnir (wife) — owner of a private jet, a luxury apartment in the “French Quarter” (161 m²), and several premium-class cars.
Kushnir’s children — owners of large apartments in prestigious residential complexes in Kyiv.
Vadym Stolar — Member of Parliament (former OPZZh), business partner of Kushnir in private companies.
Maxim Mykytas — former head of Ukrbud, with whom Kushnir had the recorded conversation.

Benefits received: Kushnir’s family significantly increased its wealth (luxury real estate, private jet, luxury car fleet), while the company accumulated massive debts and investors lost their money.

Why This Was Possible

Lack of real oversight over the activities of municipal developers.
Political protection at the level of the Kyiv City State Administration.
Weak regulation of the real estate market and protection of investors’ rights.
The ability to transfer assets to relatives and private companies while enjoying the benefits and status of a municipal enterprise.
Ineffective work of law enforcement agencies in investigating such schemes.

Consequences for the Country and Society

Thousands of Kyiv residents lost their savings and were left without housing.
Undermining trust in municipal developers and city authorities.
Additional burden on Kyiv’s budget (possible rescue of projects at taxpayers’ expense).
Growing public disillusionment with justice, especially during wartime.

Forecast — What Will Happen If Nothing Changes

Without a thorough audit, return of funds to investors, and punishment of those responsible, similar schemes will continue. Municipal developers will keep attracting people’s money under state “protection” and then leave them with unfinished buildings. Without systemic reform of the real estate market and stricter accountability for heads of state-owned enterprises, the Kyivmiskbud case will become a typical phenomenon in Ukraine.

Conclusion

Igor Kushnir is a vivid example of how, under the guise of a municipal developer, one can build a personal financial empire for years at the expense of thousands of ordinary Ukrainians. As long as the state fails to strictly control such managers and protect investors’ rights, Kyivmiskbud will be far from the last case where a municipal company ends up on the brink of bankruptcy while its head becomes one of the richest people in the capital.

Sources:

Original article on corruption.com.ua (26.04.2023) → https://corruption.com.ua/igor-kushnir-kyivmiskbud-bankrupt/
Znaj.ua – “Financial fraud and bankruptcy of Kyivmiskbud” (25.10.2025) → https://znaj.ua/kompromat/524384-finansovoe-moshennichestvo-i-bankrotstvo-kievgorstroya-ne-povliyali-na-kareru-igorya-kushnira
Mind.ua – materials on debts and refusal of funding (2024–2025)
Bihus.Info – investigation into the assets of the Kushnir family and payments to affiliated companies
Audio recording of Kushnir’s conversation with Mykytas (YouTube) → https://www.youtube.com/watch?v=er-iAzx_SwQ
OBOZREVATEL and Ukrainska Pravda – series of materials on the Kyivmiskbud crisis (2023–2025)