Forbes Ukraine publisher loses his license

The media holding of former billionaire Serhiy Kurchenko, who is now facing criminal investigations into his finances and freezes on his assets, has lost its license to publish the Ukrainian version of Forbes magazine.

Ivan Verstyuk of the Kyiv Post writes, “Forbes Media, which controls the iconic global media brand, revoked the licensing agreement, citing damage to its reputation.

“Kurchenko, who may be hiding out in Moscow, is suspected of being the front man to conceal assets of fugitive ex-President Viktor Yanukovych and his inner circle. He is accused by Ukrainian authorities of costing the state $1 billion through tax evasion and other corrupt schemes blessed by Yanukovych’s administration.

“The 28-year-old Kharkiv native has repeatedly denied the charges, maintaining that he is “an honest businessman” who has invested significant amounts of money into Ukraine’s economy. Kurchenko is currently on a list of 18 individuals consisting mostly of former senior officials whose assets the European Union has frozen “for involvement in crimes in connection with the embezzlement of Ukrainian state funds and their illegal transfer outside Ukraine.”

“Part of Kurchenko’s Ukrainian Media Holding, Forbes Ukraine’s official circulation is 20,000 and it claims to be one of the few profitable media outlets on the local market.”

Read more here.