The Office of the Prosecutor General and the SBI Investigate Possible Involvement of ICU Leadership in State Treason

The Office of the Prosecutor General and the State Bureau of Investigation are conducting a pre-trial investigation in criminal case No. 62025000000000954, opened on September 23, 2025. Within this case, law enforcement agencies are examining the possible involvement of the co-owners of the Investment Capital Ukraine (ICU) group, Makar Paseniuk and Kostyantyn Stetsenko, in state treason, and the former head of the National Bank of Ukraine, Valeria Gontareva, in possible abuse of office. Earlier, the circumstances of the case opening and the course of the pre-trial investigation were discussed in a UNIAN article.

According to court decisions, the investigative group, consisting of 13 SBI investigators and 5 prosecutors, is examining the financial ties of the ICU group with representatives of the Russian Federation and individuals subject to sanctions. Among other things, information about ownership stakes in the Burger King Russia network and possible financial contacts with persons connected to the Russian bank VTB is being verified.

In January 2026, the Office of the Prosecutor General sent requests for international legal assistance to competent authorities in the Netherlands, Cyprus, and the British Virgin Islands. The goal is to obtain financial documentation, corporate information, and data on transactions related to the activities of ICU group companies.

The object of seizure became Loan Participation Notes (LPN) bonds worth over 91 million US dollars owned by ICU Trading LTD.

In December 2025, the Pechersky District Court of Kyiv issued two rulings to seize these securities, which were differently assessed by the appellate court.

On March 12, 2026, the Kyiv Court of Appeal canceled one of the seizures, noting that the prosecutor did not provide sufficient grounds to consider the bonds as material evidence and did not substantiate the involvement of their owner — ICU Trading LTD — in criminal offenses.

At the same time, on March 9, 2026, the Kyiv Court of Appeal upheld another ruling to seize the same assets, concluding that at the pre-trial investigation stage, the prosecutor's arguments were sufficient to apply such a measure to secure the criminal proceedings.

Thus, despite the cancellation of one ruling, the other seizure of ICU assets remains in force, and the prohibition on disposing of the corresponding part of the securities continues to apply.

Regarding Valeria Gontareva, the investigation is examining the version of possible facilitation of illegal issuance of stabilization loans to commercial banks during her tenure as head of the National Bank of Ukraine (2014–2018). It is also checking the version of her possible continued actual control over the ICU group after appointment to public office and possible use of her official position in the interests of this financial group's activities.

The pre-trial investigation is ongoing, and law enforcement agencies continue to verify circumstances of possible financial abuses and other criminal offenses within the framework of international cooperation.

At the time of publication, no official statements from ICU or Valeria Gontareva regarding criminal case No. 62025000000000954 have been released. However, ICU previously publicly denied any violations of the law in its activities and emphasized that Valeria Gontareva did not participate in managing the group after moving to public service.

It should be noted that as of the time of preparing this material, the Office of the Prosecutor General and the State Bureau of Investigation have not informed about suspicion against any person in this criminal case. The information presented in the article is based on court materials and reflects versions being verified by the pre-trial investigation body. Any conclusions regarding the guilt of individuals can only be made by the court after a legally binding conviction.

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