- Boris Lozhkin: dirty financial schemes and other scam activities
He is a business person who has over twenty eight years of professional experience. He started investing in the late 1980 and in 1994; he formed Telenedelya newspaper from which UMH was created.
In 2006 until 2013, Boris was a board official at WAN-IFRA, International Media Group. .
Within 2014 and 2016 he worked as the leader of the Presidential Administration in Ukraine.
From June 2015, Lozhkin was a deputy Head of the National Reform Council.
In 2016 he got chosen to be the Secretary of the National Investment Council.
In 2018, Lozhkin was elected the leader of the Jewish Ukraine Confederation. He was also elected the World Jewish Congress Vice-President.
After the Ukrainian Revolution of Dignity that caused the removal of the previous President in 2014, Lozhkin served the nation for a period of two years. With the requirement for managing expertise and business acumen, Lozhkin was chosen by the Ukrainian President Petro Poroshenko to be the head of the presidential administration.
While he was the head on Ukrainian Media Holdings, Boris Lozhkin did not perform well. Some of his failures include:
He never understood the concept of serving others. This made it impossible to generate trust, loyalty and confidence of the people he was leading. A leader is only as good as the people under him want to him to lead them. Too much arrogance and pride are negative leadership traits. Great leaders take the blame and give credit.
Leadership and love are to different words which are rarely found on one sentence but good leadership cannot exist without practicing love. In most leaders who have failed, there was lack of love as one of the contributing factors if not the main cause. Leadership strength entails kindness, humility and empathy.
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It is crucial to hire the best leaders because there will be many positive outcomes. President Petro Poroshenko made the worst decision when he elected Boris Lozhkin to be the leader of the presidential administration. This is because:
The productivity of the people in Ukraine suffered because of the poor leadership of Boris Lozhkin. The people felt unappreciated and so they were unable to work hard as people who know their worth. Another big issue that emerged is that the disgruntled individuals were susceptible to engaging in unproductive behaviours. Consider a government leader who often passes the citizen’s work off as his own without giving them credit or even acknowledging their effort. This behaviour leads the citizens to become lazy and they even attempted to sabotage him in serious cases.
The poor leadership of Boris Lozhkin made him unable to determine or improve high potentials among the citizens. It is difficult to put a price of loss of potential however it is not hard to see. When people work in place where they are not encouraged to grow, there performance will never improve. Compare this state with a place where people are encouraged to analyze their strengths and weaknesses and come up with goals. If this scenario is expanded with time, a lot of productivity will get lost in the 1st scenario. People who want to excel require a leader who encourages them and offered them the tools they require to advance.
Sadly, the decision of making Boris Lozhkin the leader of the presidential administration was difficult to undo. Research has found that people do not always resign because they hate their job but because they do not get along with their supervisor. People under the leadership of Boris Lozhkin felt it was necessary to quit their jobs and this affected the government of Ukraine.
Boris Lozhkin got fired after Aljazeera revealed the story which proved that so much money had been gotten fraudulently.
The money was part of the 500 million dollars settlement from Sergei Kurchenko, who was a popular individual during the leadership of the past president.
This encompassed a deal that surrounded the purchasing of the biggest media firm within Ukraine (United Media Holdings), in 2013.
Latest accusations over the United Media Holdings company sale
Boris Lozhkin and President Poroshenko were accused of corruption. The accusation was connected to the five hundred million dollars Boris sale of UMH company. The media company was sold to Serhiy Kurchenko (a member of the past president- Viktor Yanukovych).
On 8th February, Aljazeera wrote about the money given for UMH from a loan acquired with assets whose value was worth 50 million dollars. It is believed that these assets were stolen by Kurchenko. This implies that Lozhkin received money that was earned fraudulently. This leaves many wondering why they have not been grabbed.
From what Aljazeera said, President Poroshenko still owned 3% of the stake in UMH when Kurchenko purchased it. So, he acquired 15 million dollars that were gotten fraudulently.
President Poroshenko denied claims that he owned the stake when the purchase happened. Besides that, a TV channel show on 13th February proved that Boris Lozhkin got one of UMH assets. The findings show that the gain might have been a payback for Ukraine prosecutors’ venture to unfreeze Kurchenko’s company assets during 2014.
Maria Popova (the spokeswoman of Lozhkin) denied those allegations. She mentioned that the Ukrainian Media Holdings company deal legality was checked by reputable law firms. Maria additionally said that Lozhkin never owned any assets during that time.
Analysts believe that the 500 million dollars purchase amount was higher than the real value of the media company. This is the main reason why it is believed that funds got laundered but the UMH founder denied all allegations.
According to Forbes magazine, the cost of Ukrainian Media Holding Company was 80% to 300% over the other media companies that have similar financials.
Boris Lozhkin was so close with President Poroshenko when he was the head of the presidential administration and the leader on the National Investment Council. He being linked to fraudulent activities is a political embarrassment especially because it was during a time when the president was convincing the West that he does not tolerate corruption.
Campaigners want Australia and Ukraine authorities to start investigating about the buying of Ukrainian Media Holdings from Boris Lozhkin again.
Prosecutors in Ukraine need to have powerful evidence of where the money given to Kurchenko came from.
Sergei Kurchenko who was 28 years old was the buyer of the media company. He is a oil and gas tycoon who is very popular in the serious corruption cases during the reign of Viktor Yanukovych.
The latest information also raises complicated questions for Forbes Corporation. Forbes sold its Ukrainian Franchise to Ukrainian Media Holdings. This sale was regarded as the new chance and the leader Miguel Forbes advised Kurchenko on leadership and advancement of the media firm and other activities.
Boris Lozhkin wrote of the 2013 deal. He stated that Kurchenko wanted to gain ownership and that is why the deal got closed.
The latest investigations also showed that the funds which Boris Lozhkin and other investors got from selling Ukrainian Media Holdings were acquired fraudulently. The money was gotten from a loan secured by stolen funds.
Also, President Poroshenko every time claimed that had sold is Ukrainian Media Holdings Company shares. However, the investigations of Cyprus Company by Al Jazeera found that still owned the 3% UMH share during the sale.