Largest Special Confiscation in Ukrainian History
The Ukrainian State Bureau of Investigation (SBI) has secured a 2.6 billion UAH ($62 million) special confiscation from Pin-Up Ukraine, marking the largest financial seizure of its kind in the nation’s history. According to Dmytro Mirkovets, Head of the SBI’s Main Investigation Department, this amount could fund monthly salaries for 26,000 Ukrainian soldiers, underscoring its significance during the ongoing conflict with Russia.
The confiscated funds were obtained following a months-long investigation into alleged economic cooperation between Pin-Up Ukraine and Russia, specifically through financial flows that were suspected of aiding the aggressor state’s military campaign. The operation involved cooperation between the SBI and Ukraine’s State Financial Monitoring Service, who provided the financial data and evidence necessary for prosecution.
Sentencing and Charges Against Pin-Up Ukraine Director
The case culminated in the detention and sentencing of Igor Zotko, the Director of Pin-Up Ukraine, who received a five-year sentence with a three-year suspension. The court, via the Shevchenkivskyi District Court of Kyiv, approved a plea agreement that included several serious charges:
Economic cooperation with an aggressor state
Large-scale tax evasion
Money laundering
Document forgery
Ukrainian authorities assert that the company funneled money to Russian state activities, including payments supporting veterans of the so-called “Special Military Operation” — Russia’s terminology for its war in Ukraine.
Industry Shake-Up and Regulatory Shift
This case has sent shockwaves through Ukraine’s gambling industry. Following the incident, Ukraine has revamped its regulatory structure, replacing the former Commission for the Regulation of Gambling and Lotteries (CRGL) with a new body called PlayCity, which is tasked with enforcing stricter compliance standards and preventing state threats via the gaming sector.
Pin-Up Ukraine operated under a license using software and branding from Pin-Up Global, a company that has gained traction in Eastern Europe and Latin America. However, its Ukrainian operations are now under intense scrutiny due to suspected links between its financial architecture and Russian beneficiaries.
Pin-Up Global Pushes Back
Marina Ilina, CEO of Pin-Up Global, has categorically denied the accusations, calling them baseless and politically motivated. She stated:
“These accusations do not stand up to criticism. I am a Ukrainian and openly support my country. All the activities of my company are transparent and can be easily verified. We have no financial transfers to Russia, only legitimate business operations.”
Despite this defense, the Ukrainian government has stood firm, citing a clear national security threat stemming from potentially compromised economic channels within the gaming industry.
Broader Implications for the Gambling Industry
This development is a warning shot to other licensed operators in Ukraine and Eastern Europe, signaling that economic neutrality will no longer be tolerated when national security is at stake. The government is now prioritizing economic de-coupling from Russia, even in sectors such as gambling, which were previously seen as less geopolitically exposed.
Furthermore, with the PlayCity regulator now in place, operators can expect a more rigorous compliance environment, including enhanced background checks, tighter KYC enforcement, and audits of international financial links.
Conclusion
The Pin-Up case is not just a legal milestone; it’s a symbolic one. In a time of war, the Ukrainian government is sending a clear message: economic activity tied to the aggressor state will be rooted out, no matter how prominent or profitable the business. The record confiscation not only serves as reparation but also as a deterrent, reshaping the future of Ukraine’s gambling sector under wartime governance.
