International Swimming League (ISL) founder Konstantin Grigorishin was one of four Ukrainian businessmen who had their assets seized by the Ukrainian government on Sunday.
Invoking special provisions under martial law, Ukraine’s Defense Ministry seized five companies associated with Grigorishin, Ihor Kolomoisky, Kostyantyn Zhevago, and Viacheslav Bohuslaiev, all of whom have been labeled “controversial” by Ukrainian media due to the fact they’ve faced legal issues in the past. The news was first reported by Ukrainian media outlet Ukrainska Pravda.
Grigorishin, a Russian native with naturalized Ukrainian citizenship, had his company Zaporizhtransformator seized. Zaporizhtransformator is an industrial power transformer producer which had previously produced equipment for civilian and military means.
The decision to take over ownership of these assets was made during a meeting featuring Ukrainian President Volodymyr Zelensky on Nov. 5, and they were officially seized on Nov. 6.
Secretary of Ukraine’s National Security and Defence Council Oleksiy Danilov described the assets as “strategically important enterprises” and that the move was made under wartime laws “in connection with military necessity.”
Defence Minister Oleksii Reznikov also said that the move is “not a nationalization” and that the companies will be returned to their owners once martial law is no longer in place. Martial law is when the military takes over normal civil functions and essentially suspends government order.
Ukrainian law states that the seized shares must be compensated, according to the Kyiv Independent.
“In order to meet the needs of the country under martial law, we have the right to make such decisions,” Danilov added.
The other assets seized were fossil fuel companies Ukrnafta and Ukrtatnafta, truck company AvtoKrAZ and aircraft engine producer Motor Sich.
The head of Motor Sich, Bohuslaiev, was detained on Oct. 23 for allegedly collaborating with Russia.
Grigorishin’s industrial power company is reportedly part of his “Energy Standard Group” of assets—the same name of the swim club Grigorishin founded which ultimately became one of the original ISL clubs.
According to Ukrainska Pravda, Zaporizhtransformator will help Ukraine’s energy sector, as Russia has hit its thermal power plants putting Ukraine in an energy shortage. However, it also notes that Grigorishin’s company owes UAH 3.6 billion (over $97 million USD) to banks and is in a state of bankruptcy—something the state will now have to deal with.
The ISL, which launched in 2019, held three seasons and was gearing up for its fourth in 2022 before the Russian invasion of Ukraine in February. Citing the war in Ukraine, swimmers were informed in late March that the 2022 ISL season was canceled.
The league has been relatively quiet in the seven-plus months since, though it has continued to post old race videos on social media.
Financial issues, such as delayed payments and reports of failing to settle up with vendors, consistently plagued the ISL since its inaugural season.
SwimSwam has reached out to the ISL for an update on the league’s status and if there are still plans to return in the future.
Ukrainian President Zelensky recently said that world leaders should “force Russia into genuine peace negotiations” and accused Russia of obstructing Ukraine’s efforts of negotiating. Presidential advisor Mykhailo Podolyak said Tuesday that Ukraine will negotiate once Russian troops leave its territory, according to The Washington Post.
The United Nations has confirmed 6,490 civilian deaths and 9,972 injuries in Ukraine so far, though it has also said that the toll is likely higher.
I knew the ISL was too good to be true and the money would run dry eventually. It was a good run while it lasted.
Have all ISL athletes been fully compensated from past seasons?
I do not think so, and it’s looking unlikely they will be now😬
washed
The country needs money to buy weapons. Oligarchs’ assets are the easiest target. There is the war, damn it. And it begins affect even those who are thousand miles away. You know who to blame it on.
In principle I think you’re right. In the specific case of this asset, which was deeply in debt…I think it’s more legitimately about ensuring the national access to transformers to repair and restore power supplies.
Professional swimming is not a viable career or industry, as much as I hate saying and admitting that fact.
Yes, the Olympics are successful, but that is literally the ONLY time when non-swimmer viewers pretend to care about swimming
My favorite meet is NCAAs though, even better than Olympic Trials (idk if that’s a hot take)
Ncaas for me is = worlds with OT and OG above
It’s better, can’t beat the energy and passion that comes from swimming for a team in college.
I do generally agree. But the potential of ISL 5 years from now is what’s so tantalizing – that it might be more like that college environment. They were already moving in a direction of building formal training groups delimited by team, which I think could’ve been fantastic.
Even before Russia’s invasion, when they brought in the new investors, I’m sure they were re-evaluating their entire model. If it returns, I have only guesses as to what that might look like. But if they were asking my advice (and they never do), I would recommend that they scale it back, something akin to season 1, and nail down/perfect their operations and growth model: their communications, their scoring model, their rules,… Read more »
For as much as I hate to agree with you I still choose to have faith and believe in the potential our sport has
ISL is cooked
fun while it lasted. someone give me a fork.
It seemed to be cooked before the war in my eyes!
Back to the 1 shot every 4 for swimming again.