You're reading: Firm owned by President’s son reports $72 million profit in 2012

A holding company owned by a son of Ukrainian President Viktor Yanukovych on Tuesday reported a 26-fold jump in 2012 pre-tax profit to around $72 million.

Opponents accuse Yanukovych, who took office in 2010, of promoting his allies to key posts and using his power to enrich his family and close friends, a charge he denies.

MAKO Holding, a company owned by Yanukovych’s elder son Olexander with interests in construction, coal trading and winemaking, started reporting its financial results this year.

On Tuesday, MAKO said in a statement that its pre-tax profit had risen to Hr 575 million ($72 million) in 2012 from just Hr 21.7 million in 2011.

MAKO said its consolidated financial report covered 18 companies based in Ukraine, the Netherlands andSwitzerland, and had been audited by PriceWaterhouseCoopers.

Earlier this year, Olexander Yanukovych, 39, who trained professionally as a dentist, declared his personal income for 2012 at Hr 579 million ($72.5 million).

The president’s second son, who is named Viktor like his father, is a parliamentary deputy and has not declared any large business interests.

Yanukovich, who secured the backing of local billionaire industrialists for his 2010 campaign, is widely expected to run for a second term in 2015.