Petro’s Big Asset Problem

Perhaps my favorite politican who got busted. Petro Poroshenko is the President of Ukraine. He is also an independently wealthy billionaire who made his money on his own. So recently he got himself into a bit of trouble when it turned out that he didn’t sell his Ukraine based businesses as he promised that he would during his presidential campaign. He merely transferred them to his offshore companies. In Panama, there is a law firm called Mossack Fonesxa who help clients around the world in order to avoid the tax man. I have to admit, they are pretty successful too. Sadly it looks like those days are coming to an end with the leaking of the Panama Papers, this is where Petro Poroshenko seemed to be caught up.

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Petro Poroshenko made his money doing many different things, he manufactures cars, and ships, and even has his own tv channel. Poroshenko is known as the Chocolate King, since he used to own the biggest candy company in Ukraine, after his election in 2014, he sold the company to Prime Assets Partners of Cyprus. But now we know that he didn’t sell anything, he merely transferred the ownership to one of his companies that he held outside of Ukraine. In fact, President Petro Poroshenko is the majority owner of Prime Assets Partners, and holds complete control over the company. While what he did was not illegal per say, it is pretty immoral, and is likely to erode trust in his new government, which has only been in power since 2014. Unless, he is able to manufacture some sort of distraction to this, Petro Poroshenko’s days as the president of Ukraine could very well be numbered. He’d be best advised right now to start coming up with some very good excuses for his actions.