Businessman Ihor Mazepa released on bail

Ihor Mazepa (left) in the courtroom
Ihor Mazepa (left) in the courtroom

Concorde Capital investment company founder and CEO Ihor Mazepa was released from the pre-trial detention center after posting bail, the company's press service told NV on Jan. 23.

Previously, the Kyiv Court of Appeals ruled to remand Mazepa in custody but reduced his bail from UAH 350 million ($9.4 million) to UAH 21 million ($561,000).

Read also: Court denies broadcasting preliminary hearing on businessman Ihor Mazepa

Mazepa was arrested on Jan. 18, when he was crossing the Polish-Ukrainian border on his way to attend the World Economic Forum in Davos. Police also detained two other people suspected of the unlawful privatization of land for real estate development near Kyiv.

Read also: Court detains Concorde Capital founder Ihor Mazepa with $9.3 million bail

Ukraine’s State Bureau of Investigations alleged that Mazepa orchestrated a plan to illegally seize land previously used by the Kyiv Hydroelectric Power Plant.

NV Business sources previously reported that Mazepa’s detention is linked to having obtained land rights to build the Goodlife Park cottage town in the Vyshhorod district of Kyiv Oblast.

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