In this name that follows East Slavic naming customs, the patronymic is Volodymyrovych and the family name is Iermolaiev.
Not to be confused with Vadim Yermolayev.

Vadym Iermolaiev
Вадим Єрмолаєв
Born (1968-05-13) 13 May 1968 (age 58)
Dnipro, Ukraine
Citizenship Cyprus (since 2019)
Ukraine (until 2019)
Occupations
  • Businessman
  • investor
Website https://vadymiermolaiev.info

Vadym Volodymyrovych Iermolaiev (Ukrainian: Вадим Володимирович Єрмолаєв; born 13 May 1968), also transliterated as Vadim Vladimirovich Yermolayev (Russian: Вадим Владимирович Ермолаев), is a Ukrainian-born oligarch and investor with Cypriot citizenship. As of 2020, Iermolaiev was rated as the 23rd richest person in Ukraine by Focus magazine.

Biography

Born in Dnipro, Ukraine to Jewish parents, Vadym Iermolaiev[1] received his economic degree at the Dnipropetrovsk College of Technology and Economics in 1987.[2]

Iermolaiev is the most influential Dnipropetrovsk businessman and is the largest developer in Dnipro, according to Forbes Ukraine.[3][4] Iermolaiev is recognised for changing the urban architecture.[5][6][7]

In 1995, Iermolaiev founded Primus inter pares, an industrial corporation.[8][4] Two years later, the company was renamed Alef. In 2001, Iermolaiev founded Alef Estate to focus on commercial construction. In 2004, the company completed the development of New centre, the first big shopping centre in Dnipro. In 2006, Most-City, the biggest trade centre of Ukraine, was built, also in Dnipro. The company also implemented such projects as Cascade Plaza mixed-use complex, Bosphorus shopping mall, Enigma and Prisma business centres.[9]

Iermolaiev is the creator and investor of Katerynoslavsky Boulevard [uk], a cultural pedestrian area in the historic centre of Dnipro.[9][10] (In December 2023 the area was renamed Kelnsky Bulvar.[11]) In recent years, Alef Estate has been developing such projects as Perekhrestya shopping mall, Ermolaev Centre mixed-use complex, Artel shopping mall (Katerynoslavska cloth factory), Port City Apartment Complex, Boulevard on Yuzhnaya Street, and Troitsky Residential Complex.[12]

In April 2004, the Anti-Monopoly Committee of Ukraine officially permitted Procter & Gamble to acquire CJSC Olvia Beta Cleaning Products Co (in Pokrov (then named Ordzhonikidze), Dnipropetrovsk Oblast), 25% of which was owned by Iermolaiev.[13] In 2004, the funds from the sale of the plant were invested in new large-scale projects in the eastern region of Ukraine. Plants for the production of plastic profile for windows Miroplast, the production of aerated concrete UDK and the only plant in the CIS for the production of fittings for windows translucent structures Axor were opened in partnership with a Turkish company.[9]

At the end of 2006, Iermolaiev sold CJSC Agrobank to PPF, a Czech financial group.[14]

In 2012, Iermolaiev became a patron of the Kiddo Charity Foundation.[4][15]

In 2014, Iermolaiev claims that he lost all of his assets in Crimea after the Annexation of Crimea by the Russian Federation: specifically, production facilities and administrative premises of a company engaged in the production and sale of alcoholic beverages.

In 2019, Iermolaiev renounced his Ukrainian citizenship and became a citizen of Cyprus.[10] Iermolaiev claimed in 2024 he had done this because he wanted “international protection.”[16] According to him “The Ukrainian judicial system, to put it mildly, is not ideal, and the tax system is not objective.”[16]

Iermolaiev was sanctioned by the Ukrainian government in 2023 due to the continued operations of his alcohol company in Crimea.[17][18] He has denied these accusations claiming that Russia had seized his grape growing and cognac enterprise in Crimea when it annexed the peninsula in 2014.[19] In December 2024 he legally tried to get the sanctions against him lifted.[19] Iermolaiev has never publicly stated pro-Russian views.[16] He did condemn Russia's invasion in an interview in 2024 stating “I despise our enemies and believe that they will bear responsibility for the grief they brought to Ukrainian land and to my hometown.”[19] He also claimed he financially supported the Ukrainian Armed Forces.[19]

Iermolaiev's son Artur was detained in Cyprus on 4 December 2025 at the request of Interpol.[20] He was extradited to Estonia.[19][20] Estonian investigators accused Artur Iermolaiev, along with three other defendants, of having created fraudulent call centres in Ukraine.[19] Investigators stated that between 2019 and 2022, the defendants received over €100m, €5.4m of which came from Estonian residents.[19] (Artur) Iermolaiev entered into a plea bargain with the Estonian court, he then received a suspended sentence and paid a €8.5m fine and then left Estonia.[19] He is since banned from entering Estonia.[19][21]

On 29 June 2026, a bomb exploded in the doorway of an apartment building in Monaco, injuring Iermolaiev, his mistress, and their 13-year-old son.[22] The adults are in critical condition.[22] The bomb was believed to be targeting Iermolaiev.[23][24] According to Ukrainska Pravda Iermolaiev resided in Monaco since the February 2022 Russian invasion of Ukraine. He kept economic activity in occupied Ukraine and was sanctioned by Ukraine for it.[16] The bombing is not believed to be related to politics nor the war in Ukraine.[25] Le Monde reported that it was "a settling of scores linked to organized crime".[26] According to authorities, the main suspect is a Ukranian woman who disguised herself as a man before the attack.[27]

Alef

Iermolaiev is chairman of Alef.[28] Alef's 13 companies operate in agribusiness (Agroalliance, Sady Dnipra), development (Alef Estate) and production of construction materials (AXOR Industry, MIROPLAST, UDK). Alef is also engaged in the production of dental implants and medical instruments (ABM Technology).[29] The corporation employs more than 600,000 people.[28]

The Alef Estate company has developed such well-known projects in Dnipro as the Most-City shopping and entertainment centre, Cascade Plaza, the Bosphorus shopping and business centre, and some others. In 2021, Alef Group resumed construction of the Brama complex in Dnipro after a 12-year break. One of the towers, with 54 floors, was the tallest residential building in Ukraine.[10]

Wealth

The Korrespondent magazine included Vadym Iermolaiev in Zolota Sotnia ('The Golden Hundred') with a fortune of US$763 M (36th position). Iermolaiev has been regularly included in the Focus magazine annual list of 'Ukraine's Top 100 Richest People' rating with an estimated wealth of:

  • 2012 — US$214 M (53rd position);[30]
  • 2013 — US$254 M (40th position);[31]
  • 2014 — 34th position;[32]
  • 2015 — 24th position;[33]
  • 2016 — US$823 M net worth (15th position).[34]
  • 2020 — 23rd position;[35].

In 2016, Iermolaiev's fortune was US$478 million, according to Dragon Capital Investment Company, up US$66 M on the previous year.[36]

In 2022, Forbes (Ukraine) ranked him as the 12th person of independent means and estimated the revenue from his real estate as US$960–980 M.[37][failed verification]

References

  1. ^ "Ермолаев Вадим". elevatorist.com. 10 August 2020. Archived from the original on 29 September 2020. Retrieved 29 December 2020.
  2. ^ "Ермолаев Вадим Владимирович". Latifundist.com (in Russian). 17 April 2019. Archived from the original on 28 October 2020. Retrieved 29 December 2020.
  3. ^ "The Top 20 richest people in Dnipro". forbes.net.ua. Archived from the original on 4 March 2016.
  4. ^ a b c "Вадим Ермолаев: еврей, застроивший Днепр". ujew.com.ua (in Russian). Archived from the original on 26 November 2020. Retrieved 29 December 2020.
  5. ^ Как бизнесмен преобразил архитектуру Днепра Archived 19 April 2017 at the Wayback Machine (How a businessman transformed the architecture of Dnipro) styler.rbc.ua, accessed 2026-06-30
  6. ^ What has «Most-City Centre» changed in Dnipro and Ukraine Archived 20 April 2017 at the Wayback Machine zabeba.li
  7. ^ "Вадим Ермолаев активизировал проекты строительства в Днепре: какие изменения ожидают город" [Vadim Yermolaev has ramped up construction projects in Dnipro: what changes await the city]. Экономическая правда (in Russian). Archived from the original on 12 March 2023. Retrieved 29 December 2020.
  8. ^ "Ермолаев Вадим Владимирович". Most-Dnepr.info. Archived from the original on 13 August 2020. Retrieved 29 December 2020.
  9. ^ a b c "Єрмолаєв Вадим Володимирович". lb.ua. 30 December 2012. Archived from the original on 12 March 2023. Retrieved 12 March 2023.
  10. ^ a b c "Інформація про Вадим Єрмолаєв". forbes.ua. 6 May 2021. Archived from the original on 12 March 2023. Retrieved 12 March 2023.
  11. ^ "Katerynoslavsky Boulevard was renamed in Dnipro: what is the new name". Suspilne Dnipro (in Ukrainian). 23 December 2023. Archived from the original on 20 April 2024. Retrieved 30 June 2026.
  12. ^ "Вадим Ермолаев активизировал проекты строительства в Днепре: какие изменения ожидают город". Ukrayinska Pravda. 30 June 2020. Archived from the original on 12 March 2023. Retrieved 29 December 2020.
  13. ^ Procter & Gamble buys Gala Archived 19 August 2025 at the Wayback Machine dsnews.ua
  14. ^ "Dnipro business: the group of titans". Archived from the original on April 27, 2017. Retrieved April 26, 2017.
  15. ^ "Глава совета корпорации "Алеф" Вадим Ермолаев и семья Башер выделили более 3 млн грн на борьбу с коронавирусом". Экономическая правда (in Russian). Archived from the original on 4 June 2021. Retrieved 29 December 2020.
  16. ^ a b c d "Monaco in shock after parcel bomb injures Ukrainian-born business leader". The Guardian. 30 June 2026. Retrieved 30 June 2026.
  17. ^ "President Zelenskyy signs new sanctions into law, targeting developer in Dnipro and firms on Russian-occupied territories". Ukrainska Pravda. 23 December 2023. Archived from the original on 30 June 2026. Retrieved 30 June 2026.
  18. ^ "У Монако стався вибух: у критичному стані український олігарх та його дружина". Ukrainska Pravda (in Ukrainian). 30 June 2026. Archived from the original on 29 June 2026. Retrieved 30 June 2026.
  19. ^ a b c d e f g h i "'He isn't political': the Ukrainian-born oligarch targeted by a Monaco bomber". The Guardian. 30 June 2026. Retrieved 30 June 2026.
  20. ^ a b "На Кіпрі затримали сина підсанкційного бізнесмена Єрмолаєва – джерела УП". Ukrainska Pravda (in Ukrainian). 20 December 2025. Archived from the original on 30 June 2026. Retrieved 30 June 2026.
  21. ^ Tähismaa, Inno (1 May 2026). "Kurioosum: Eesti lasi eurooplased paljaks varastanud ukrainlase vabadusse". Lõunaeestlane. Retrieved 1 July 2026.
  22. ^ a b "Ukrainian oligarch's wife reveals she was not woman who lost limbs in Monaco bomb". The Independent. 1 July 2026. Retrieved 2 July 2026.
  23. ^ Lukiv, Jaroslav; Wilson, Tabby (30 June 2026). "Parcel bomb injures Ukrainian oligarch and family in Monaco - reports". BBC. Archived from the original on 30 June 2026. Retrieved 30 June 2026.
  24. ^ "Explosion in Monaco: Media report that the likely target was a former Ukrainian oligarch". Ukrainian National News. 29 June 2026. Retrieved 30 June 2026.
  25. ^ Harding, Luke (30 June 2026). "'He isn't political': the Ukrainian-born oligarch targeted by a Monaco bomber". The Guardian. ISSN 0261-3077. Retrieved 1 July 2026.
  26. ^ Fischer, Sofia; d’Istria, Thomas; Minisini, Lucas (1 July 2026). "Monaco explosion: The Ukrainian-born oligarch's shady business dealings". Le Monde (in French). Retrieved 1 July 2026.
  27. ^ Ronald, Issy (3 July 2026). "Ukrainian woman disguised as a man is main suspect in Monaco attack, authorities say | CNN". CNN. Retrieved 3 July 2026.
  28. ^ a b "Алеф". LB.ua. Archived from the original on 14 February 2022. Retrieved 29 December 2020.
  29. ^ "Алеф". bp.ubr.ua (in Russian). Archived from the original on 29 June 2017. Retrieved 29 December 2020.
  30. ^ Vadym Ermolaev in the Focus magazine ranking Archived 21 April 2017 at the Wayback Machine focus.ua
  31. ^ Vadym Ermolaev in the Focus magazine ranking for 2013 Archived 5 October 2017 at the Wayback Machine focus.ua
  32. ^ Vadym Ermolaev in the Focus magazine ranking for 2014 Archived 26 January 2017 at the Wayback Machine focus.ua
  33. ^ Vadym Ermolaev in the Focus magazine ranking for 2015 Archived 5 October 2017 at the Wayback Machine focus.ua
  34. ^ The Top 100 richest people of Ukraine. Full list Archived 5 October 2017 at the Wayback Machine focus.ua
  35. ^ "самых богатых украинцев. Полный список". ФОКУС.ua (in Russian). 14 September 2020. Archived from the original on 7 December 2021. Retrieved 21 January 2021.
  36. ^ "Ermolaev Vadym Volodymyrovych. Production of alcohol, agroindustrial complex, real estate". Archived from the original on 8 June 2017. Retrieved 6 June 2017.
  37. ^ Vadym Ermolaev in the Focus magazine ranking of beneficiaries for 2015 Archived 28 April 2017 at the Wayback Machine (needs subscription to view) forbes.net.ua