Ukraine's leading English-language newspaper since 1995

Rinat Akhmetov has come a long way since the 1990s, when photographs or public comments were scarce despite his status as the most influential businessman from Ukraine’s industrial east.

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This week, Western public relations gurus working for Akhmetov’s charitable foundation flaunted their client as the richest man in Europe. Citing a ranking of Ukraine’s wealthiest individuals by Korrespondent magazine, Kyiv Post’s Russian-language sister publication, their press release read: “Rinat Akhmetov, Ukrainian businessman and philanthropist, recently rose to the status of the richest man in Europe.” The press release continues: “Through building his wealth,” Akhmetov has “dedicated himself toward a better, more economically stable Ukraine. This is why he started The Foundation for Effective Governance, and recently donated $150 million.”

And then it quoted Akhmetov as saying: “Ukraine is my home. I hope to help my home country grow economically so that all Ukrainians may have the opportunity to succeed in business as I have.”

Indeed, to whom much is given, much is expected.

In our view, Akhmetov hasn’t built much, except for himself. His fortune is a portfolio of assets acquired during the crony capitalistic 1990s, mainly Soviet-built factories. Documenting how he acquired these assets has proved difficult for journalists, some of whom have found themselves sued by his top-flight lawyers.

Burnishing his image seems to be the driving force of Akhmetov’s efforts to establish himself as a philanthropist. His charitable donations are crumbs compared to his cumulative wealth and control over Ukraine’s economy.

Perhaps Akhmetov could help Ukraine most by dumping the pro-Russian Party of Regions, which opposes Ukraine’s efforts to join NATO and panders to Moscow’s interests. Or would doing so come at a cost too steep for Akhmetov, perhaps in the form of higher gas prices for his industrial assets?

The reality, however, is that wealth buys political power. And unrivaled wealth buys unrivaled political power, making Akhmetov almost a state within a state.

Such a figure could be a tireless champion for all that Ukraine so desperately needs to become a civilized society: an end to regulations that stifle small business, a stronger safety net for the neediest, more opportunities for the young and a privileged elite that contributes more in taxes.

Just where do Akhmetov’s interests stand? Strengthening his own position or giving all Ukrainians a better chance?